Adcorp Holdings Limited provided earnings outlook for six months ended August 31, 2015. For the period, the company expects headline earnings per share to decrease by between 16% and 18% and earnings per share ("EPS") are expected to decrease by between 41% and 44%, compared to the corresponding period. HEPS and EPS are therefore expected to be between 124 cents and 127 cents per share and between 85 cents and 89 cents per share, respectively, compared to HEPS of 150.9 cents and EPS of 151.3 cents in the corresponding period.

The decrease in HEPS and EPS is due to the negative revenue impact emanating from lower headcount volumes caused by client's reactions to the legislative landscape. On a normalised trading position, where non-cash flow IFRS adjustments are eliminated, normalized earnings per share for the half year ended 31 August 2015 are expected to decrease by between 4% and 8% compared to the corresponding period. As a result, normalised earnings per share are expected to be between 176 cents and 184 cents, compared to 191.7 cents in the corresponding period.