Calgro M3 Holdings’ share price shot up 8.9% to 305 cents yesterday morning after it forecast that headline earnings per share (Heps) would increase by between 40% and 50% for the year to February 28.
The housing and memorial parks group said in a statement it expected Heps to be between 147.90c and 158.46c, compared with Heps of 105.63c reported for the 2022 financial year.
Earnings per share (Eps) was expected to be between 147.95c and 158.80c, compared with 108.50c reported in 2022, which equated to an increase of between 36.4% and 46.4%.
The group said the strong performance was driven by the completion and handover of 3 186 opportunities in the current year in the Residential Property Development segment, in line with expectations.
As at the end of February, 2 719 opportunities were under construction with well-planned staggered handovers in support of sustainable returns in the year to come.
A reassessment of the Memorial Park marketing and products resulted in a new lay-by burial product being introduced with good early success, resulting in the Memorial Parks segment delivering the best final quarter to date.
The group maintained its targeted margin range of 20% to 25%. The annual results are expected to be released on May 15.
BUSINESS REPORT