Shares in Vox Telecom had gained nearly 13% by Wednesday morning after it published an earnings update on Tuesday afternoon. The AltX-listed company says it expects its full-year headline earnings per share to be between 60% and 70% higher than the 4,04c/share reported in the 2008 financial year.
In the year to August 2009, Vox says it expects earnings per share to rise by between 40% and 50%. This sent the share price up nearly 5% in trading on Wednesday morning, adding to gains on Tuesday, when the share traded as low at 39c.
The share is still off its 52-week high of 97c and is down 40% over 12 months.
And it’s well below the levels above R2 it was trading at prior to the company becoming caught up in the collapse of now-defunct derivatives company Dealstream.
Staff and management, including group MD Douglas Reed, pictured, personally lost millions of rand. A new share incentive scheme has since been created.
Vox’s annual results are expected to be published on 26 November. — Staff reporter, TechCentral