Workforce Holdings Ltd. (WKF:JNB), a staffing provider headquartered in Johannesburg, South Africa, issued a profit warning on 20 March.

The company expects a loss per share of between 11.27 cents and 15.94 cents in South African Rand for the year ended 31 December 2023. That compares to earnings per share of 46.7 cents in the previous year.

In addition, Workforce Holdings estimates the headline loss per share is expected to be between 11.36 cents and 16.04 cents in South African Rand for the year ended 31 December 2024. That compares to earnings per share of 46.8 cents in the previous year.

“In addition to lower profitability due to adverse trading, the results were severely affected by out of the ordinary expected credit loss levels which caused a negative movement of approximately 35 cents per share,” the company said in its trading statement.

JSE Ltd., the Johannesburg Stock Exchange, requires that companies publish a trading statement as soon as they become reasonably certain that financial results will differ by more than 20% from the previous corresponding period.

Workforce Holdings expects to release financial results on 28 March.