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Atlas Mara wary of forex, economic headwinds

Thu, 26th May 2016 11:57

(ShareCast News) - Atlas Mara sees its full-year profit to exceed the underlying $11.3 million booked in 2015, but warns softer African currencies and a more challenging economic backdrop provide "meaningful" headwinds to achieving this.The sub-Sahara African financial services group, whose shares were down a little more than 3%, reported a first-quarter after-tax loss of $6.7 million, from a profit of $0.5 million.In swinging to this loss, it cited the impact of the foreign exchange weakness of African currencies against the strong US dollar. Atlas also noted credit provisions taken in Zimbabwe against specific corporate loans due to economic headwinds in that market, and merger and acquisition and other one-off costs."The result for the first-quarter were broadly in line with our expectations and accorded with the indications we gave to the market at our 2015 full year earnings release," said chief executive John Vitalo in a statement."However, this level of performance is clearly below where we want to be, notwithstanding the challenges of a more difficult economic backdrop and the full impact of weaker exchange rates across our markets," he added.Vitalo noted the company's clear cost-reduction plans and revenue initiatives to ensure that the group was positioned to tackle current headwinds."We remain committed to delivering increased profitability for 2016 relative to 2015, although we expect the year to be one of uneven quarterly performance with improving profitability over the course of the year as we execute on our focused initiatives."Atlas added that it continued to target 2016's full-year results to exceed the profit of $11.3 million reported for 2015, excluding any revaluation of intangible assets or goodwill. It recognised that weaker African currencies and a more challenging economic backdrop provided "meaningful headwinds to this outcome."
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30 Jan 2019 17:59

Barclays Ups Stake In Former CEO's African Investor Atlas Mara (ALLISS)

LONDON (Alliance News) - Atlas Mara Ltd on Wednesday said Barclays PLC upped its holding in the African banking sector investor following the transaction on Wednesday last week.The FTSE its

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15 Jan 2019 15:32

CORRECT: Barclays Client Lifts Holding In Atlas Mara To 5.9% (ALLISS)

(Correcting it was not Barclays PLC who increased its stake, but Barclays acting on behalf of a client).LONDON (Alliance News) - Atlas Mara Ltd on Tuesday said Barclays PLC increased one of

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15 Jan 2019 13:45

Barclays Lifts Interest In ATLAS Mara To Nearly 6% After Transaction (ALLISS)

LONDON (Alliance News) - ATLAS Mara Ltd on Tuesday said Barclays PLC upped its holding in the banking company following the transaction on Wednesday last week.The FTSE 100-listed bank its

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7 Nov 2018 11:10

Atlas Mara To Sell 25% Stake In BancABC Botswana In Float To BSE (ALLISS)

LONDON (Alliance News) - Africa-focused financial services group Atlas Mara Ltd said on Wednesday it will sell a 25% stake in subsidiary BancABC Botswana following the subsidiary's launch of a

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5 Sep 2018 10:58

Atlas Mara Interim Profit Rises Despite Income And Loan Reductions

LONDON (Alliance News) - Atlas Mara Ltd on Wednesday reported on Wednesday a more than doubling in interim profit increase despite a decrease in income and net interest income.In the six in

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7 Aug 2018 15:02

UBS Takes Holding In Atlas Mara Below Notifiable Threshold (ALLISS)

LONDON (Alliance News) - Atlas Mara Ltd said Tuesday Swiss investment bank UBS Group AG has taken its stake in the company to below the notifiable threshold.UBS held a 8.1% interest in Mara

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6 Aug 2018 11:37

Atlas Mara Replaces Convertible Bond With USD40 Million Of Debt

LONDON (Alliance News) - Financial services firm Atlas Mara Ltd on Monday said it has agreed a new USD40 million debt facility, replacing an existing convertible bond.The funding is for and

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24 Apr 2018 10:08

Atlas Mara 2017 Profit Rises As Appoints New CEO After 14 Months Wait (ALLISS)

LONDON (Alliance News) - Africa-focused banking investor Atlas Mara Ltd said Tuesday its full-year profit rose sharply amid cost-cutting, as it appointed a new chief executive after the post had a

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29 Mar 2018 14:54

Atlas Mara Annual Profit To Beat Market Views And Guidance

LONDON (Alliance News) - Atlas Mara Ltd, a sub-Saharan Africa banking group, said Thursday that annual profit is expected to exceed market expectations and previous company,

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16 Feb 2017 08:23

Atlas Mara CEO Steps Down Amid Cost-Cutting And Fundraising (ALLISS)

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1 Feb 2017 09:00

Atlas Mara signs African banking agreements with Mastercard

(ShareCast News) - Atlas Mara, Bob Diamond's Africa-focused banking venture, has signed agreements with Mastercard to build a stronger digital payment ecosystem with a focus on accelerating financial inclusion in sub-Saharan Africa. The strategic alliance will enable up to 20m consumers and 100,0

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25 Oct 2016 06:49

Atlas Mara Profit Falls Amid Currency Drag; Loans And Deposits Higher

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11 Oct 2016 14:06

Former Barclays CEO steps up as interim chairman at Atlas Mara

(ShareCast News) - Atlas Mara, a sub-Saharan financial services group, announced that Arnold Ekype has stepped down as chairman with co-founder and non-executive director Bob Diamond taking on the role on an interim basis. Ekpe has decided to resign after his three year-term ends on 1 December 2016

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16 Sep 2016 11:22

Friday newspaper share tips: Morrisons, Atlas Mara

(ShareCast News) - Wm Morrison has a lot going for it and quite a bit against it too, the Financial Times´s lex column cautioned. The smallest of the UK´s top four grocers is the second-biggest food manufacturer in Britain and owns four-fifths of its stores. That means it can act quickly on pric

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13 Sep 2016 06:53

Tuesday newspaper round-up: Jobs boost, Brainard caution, recovery 'mirage'

(ShareCast News) - Britain's employers have refused to panic following the referendum vote, but new jobs are likely to become increasingly scarce as concerns over Brexit talks undermine business confidence. Recruitment agency Manpower said that, on the surface, the EU referendum had done little to d

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