Adcorp Holdings reports impressive annual results with a 7.4% share price increase

ADCORP Holdings' share price shot up 7.4% on the JSE Thursday after it reported annual results that included a doubling of the final dividend to 50.02 cents a share compared with the 24.2 cents per share that was declared last year.

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The share of the company with operations in South Africa and Australia, that deploys over 45 000 contingent and contractor workers daily, was trading at R6/50 late Thursday afternoon, 52% higher than the price a year before.

Headline earnings a share increased to 135.4 cents in the year to February 29, from 83.8 cents a year before, this off a 2% rise in revenue to R13.2 billion.

Operating profit increased by 33.3% to R171.6 million, and profit for was 60% higher at R140.9m. The net unrestricted cash position of R442.1m was more than double the R204.2m at the same time last year.