Metair rockets almost a quarter as it flags a return to profit

Shares in automotive components and batteries group Metair surged almost 24% on Monday after it said a weaker Turkish lira and ramp-up in production in SA provided support in its year to end-December.

The company expects headline earnings per share of up to 140c in 2023, a massive improvement from a loss per share of 17c previously, or a loss of R32.8 million. The company was hit hard in 2022 by higher finance costs, hyperinflation in Turkey, as well as the effects of flooding in KwaZulu-Natal.

The group added it expects double-digit revenue growth during 2023, and in morning trade its shares were up about 23.9%, having still fallen about 46% in the past year.