JOHANNESBURG: Cadiz Holdings said restructuring at the troubled core asset management business was going well, including staff numbers having been reduced by nearly half, as it reported a loss of R251 million in the year to March, down from a profit of R5.9 million the previous year.
Cadiz said both Cadiz Corporate Solutions and BNP Paribas Securities had posted improved performances, but the business had struggled under large impairments and restructuring costs in a turbulent year, which saw the company’s founder leaving the business.
Goodwill at Cadiz Asset Management was impaired by R160 million to R66.9 million, while the carrying value of the investment in the BNP Paribas Securities associate had been written down by R28.4 million to R31.2 million. Restructuring costs of R40.4 million added to the pain.
Still the group said the results were in line with trading statement released in March and said it expected the asset management unit to break even within a year. A headline loss per share of 23 cents was recorded, down from a profit of 2.7 cents. No dividend was declared.
