Tuesday, March 20, 2018 /04:14 PM / NSE
Following the preliminary review of CWG Plc’s (“the Company”) Financial Statements for the year ended 31 December 2017, it is expected that the estimated earnings and year-end financial projections will be materially lower in comparison to the prior year financials.
The reduction in earnings is predominantly a result of losses incurred, due to the financial cost implications of non-actualized projects which have adversely affected the Company’s estimated 51 earnings and year end projections. Although there is a decline in earnings, CWG Plc. profit margins have continued to remain stable, for the financial year ended 2017 and are expected to g) relatively stay the same. Further details pertaining to the company’s financial performance is disclosed in the audited Financial Statements.
Notwithstanding the foregoing, from the preliminary forecast undertaken, the Board of CWG Plc. continues to remain positive about the strategic direction of the Company and in restructuring if both its business and management models to ensure that the Company maintains its leadership position. The Board is highly optimistic about the new initiatives due to the launching of a number 55 of technology platforms that are currently in the developmental stage and the strategic partnerships that have been concluded, which are expected to translate to increased transactional numbers.
CWG Plc reiterates its commitment towards excellence and maintaining its position as a market a leader.