Adcorp Holdings Limited provided earnings guidance for the year ended 28 February 2014. For the year, the company reported that earnings per share are expected to decrease by 18% to 22% and headline earnings per share are expected to decrease by 18% to 22%, compared to the corresponding period. EPS and HEPS are therefore expected to be between 173 cents and 182 cents per share and between 185 cents and 194 cents per share, respectively.

The decrease in earnings and headline earnings is due to International Financial Reporting Standards accounting whereby ZAR 87 million has been charged to the statement of comprehensive income in respect of the IFRS 2 share based payment expense relating to the 2013 Broad Based Black Economic Empowerment transaction that was finalized, previously reported to shareholders and implemented with effect 27 August 2013. On a normalised trading position, where non-cash flow IFRS adjustments are eliminated, normalised earnings per share are expected to be between 11% and 14% higher than those for the year ended 28 February 2013. As a result, normalized earnings per share are expected to be between 379 cents and 389 cents per share.