Revenue for the year was R4.4 billion (2016: R4.5 billion). Gross profit shrunk to R596.6 million (2016: R986.2 million) and EBITDA dropped to R5.4 million (2016: R475.5 million).Total loss attributable to equity holders of the parent was recorded at R146.8 million (2016: profit of R395 million). In addition, headline loss per share came to 77.9 cents per share (2016: headline earnings per share of 255.3 cents per share).
No dividend has been recommended for the year.
Whilst the group is optimistic of its ability to restore profitability for FY2018, the group’s outlook for the first six months is challenging. This is particularly so in the light of the expectation that renewables will only commence from March 2018. The current focus on the unwinding of cash and stringent working capital management will result in Conco executing approximately 25% of its order book in the first six months, excluding that relating to Round 4. In the year ahead, reduced profitability is expected from AES. The remainder of the group is expected to perform in line with its prospects referred to above.
The group is firmly of the view, that the current difficulties will lead to the development of improved disciplines and practices that will enhance future earnings and cash generation and make them more sustainable. This improved rigour in addition to the dedication, passion and technical competence of our staff gives the group confidence that we will emerge from these challenging trading conditions as a stronger firm.