Dawn nine months HEPS down 151% to loss of 25.5c

Distribution and Warehousing Network's (DAW) headline earnings per share (HEPS) declined by 151% to a loss of 25.5c per share in the nine months ended 31 March 2015, compared to a positive 50.15c in the 12 months ended 30 June 2014.

Dawn manufactures and distributes branded hardware, sanitaryware, plumbing, kitchen, engineering and civil products through a national branch network in SA and in some African countries and Mauritius.

The successful acquisition of 51% of Dawn's Watertech companies by Grohe Luxemburg Four AG (Grohe), Europe's largest and the world's leading single-brand manufacturer and supplier of sanitary fittings, effective 14 November 2014, changed the group significantly, the company said. This business is now known as Grohe DAWN Watertech (GDW) and will grow the group's core distribution competency, Dawn said.

Dawn has changed its year-end to 31 March, matching the year-end of GDW.

The results for the nine-month period were significantly impacted by a Numsa strike which affected both the building and infrastructure segments of the business, as well as 37 power interruptions which punitively constrained manufacturing output, the company said.

Looking forward, residential buildings completed have started to show signs of growth for the first time in six years. Although the luxury market remains tough, the trading of traditional plumbing brands, such as Cobra, has shown double-digit growth, the company said.

Source: BDpro