Clover expects better financial results

Clover referred its shareholders to the unaudited interim results published on 12 March, for the six months ending 31 December 2012. The interim results were influenced by several factors including “investments in new products and platforms as well as increases in other fixed costs, and costs associated with labour disruptions”.

“The combination of these factors resulted in headline earnings per share (HEPS) and earnings per share (EPS) being 33,5% and 23,2% lower than the corresponding prior period respectively,” Clover said. “During the second half of the financial year, revenue growth and the successful implementation of a number of measures across the group delivered positive results.”

As a result Clover expected HEPS to be between 0% and 5% higher than the 116 cents for the year ended 30 June 2012; and EPS to be between 10% and 20% higher than the 114,6 cents for the year ended 30 June 2012. The financial information on which this trading statement is based has not been reviewed and reported on by the company’s external auditors.