Aspen have just released a trading update, they are expecting normalised diluted earnings per share (you read right) to increase by between 25 to 31 percent for the full year to end June. Aspen categorise that as follows: NDHEPS comprises diluted headline earnings per share adjusted for specific non-trading items. NDHEPS is the primary measure used by Aspen to assess its underlying financial performance. The EPS range is expected to be 40 to 46 percent better, as the company points out in the trading update this is as a result of the sale of non-core products and forex gains from transaction funding. HEPS gains are expected to be in about the same range as NDHEPS, yowsers.
The share price has reacted positively, up on a down day, the results themselves are expected on the 10th of September. Running some quick back of the napkin calculations (if there is still such a thing), last year HEPS was 788 cents per share, a 28 percent increase on that (in the middle of the range) is around 1008 cents worth of earnings. EPS was 772.97 cents last year, the increase of 43 percent (also in the middle of the range) suggests around 1105 cents per share. In terms of earnings growth and where the price is about now, I would say again that this is a case of the market having got it right. Now we have the results to look forward to in two Wednesday's time.