Mustek's interim earnings plunge 74% amid Novus Holdings takeover bid

Mustek, a JSE-listed ICT distributor that is subject to a takeover offer from Novus Holdings, reported a whopping 74% steep decline in its interim earnings, amid challenging global and local economic conditions. Headline earnings per share for the six months ended December 31, 2024 plunged 74.31% to 23.47 cents from the prior year. Basic earnings per share followed a similar trend, falling 74.72% to 23.01c. No interim dividend was declared. "The group's performance remained under pressure," Mustek CEO Hein Engelbrecht said on Thursday. "This reflected the ongoing challenges posed by global and local economic conditions. These included persistent inflation, elevated interest rates, sluggish economic growth, and fluctuating consumer and investor confidence, both in South Africa and internationally.” Mustek also attributed the decline in its interims to selective deal-making. Engelbrecht also…