Improved African operations boost WBHO’s revenue

WBHO were the contractors for Umhlanga Arch (Image source:

Wilson Bayly Holmes-Ovcon Limited (WBHO) has released its summarised, audited, consolidated financial statements for the year ended 30th of June 2021, delivering significantly improved results and returning to overall profitability.

The company’s revenue for the reporting period decreased by 11% to R38 billion (FY2020: R43 billion) with earnings per share increasing by 163% to 594 cents per share (FY2020: a loss of 937 cents per share).

Headline earnings per share also increased by 167% to 620 cents per share (FY2020: a loss of 923 cents per share).

WBHO’s net asset value amounts to R5.6 billion (FY2020: R5.9 billion).

The construction company’s improved performance is attributable to reduced losses in Australia, having provided for substantial losses in the previous reporting period to reach physical completion of the Western Roads Upgrade (WRU) project. Additional losses incurred in the current reporting period primarily represents the cost of attaining commercial acceptance on the project.

Its stronger results were also lifted and supported by a rejuvenated performance from the African operations which have recovered from the impact of Covid-19 during the second half of FY2021, increasing both revenue and profitability.

In the UK, both the Byrne Group and Russells-WBHO delivered solid results, although activity tapered in the second half of the financial year.

The company declared a final dividend of 205 cents per share resulting in a total dividend for the year of 205 cents per share (2020: nil cents per share).