Sunday, June 13, 2010

Adapt or die: AVUSA in death plunge

SHOOT: An ex-colleague still hanging on for dear life at that shabby company tells me she has just survived yet another round of restructurings/retrenchments/firings. I wonder when Media24 are going to buy the shiny bits in a garage sale? I've said the company - AVUSA - won't be around in 5 years. Make that 2.
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Johannesburg - Media company Avusa shocked the market when it reported a 20% plunge in advertising revenue, causing its share price to nose-dive by 10% at one stage.

Posting its interim results to end-September, Avusa said the drop can be attributed to a decline in recruitment advertising as employers shed jobs and limited appointments.

"I think the market didn't realise how geared towards recruitment advertising Avusa really was," said Cadiz African Harvest media analyst Rob Nagel. "We did not expect that kind of change."
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Earnings per share are expected to be between 67% and 77% lower than the comparative period.
The group said the comparative period's earnings per share included a profit from discontinued operations in respect of Avusa's Nigerian and Kenyan operations of R39m, inclusive of R60m profit on sale of the discontinued operations. The R60m profit on sale was excluded from headline earnings.
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