Listed construction group ELB Group (ELR, ELRP) advised on Friday that its headline earnings per share for the half year ended December will be between 40% to 60% higher than that reported in the same period last year.

HEPS in respect of continuing operations will be approximately 60% to 80% higher, but earnings per share will be 70% to 90% lower due to losses and closure costs of the group's unit - ELB Timbers.

The group said it decided to shut down ELB Timbers as it has not been able to secure logs at low enough prices to be able to trade profitably.

"With a further increase in the price of logs anticipated for the coming year of approximately 30%, or 130% over the past three years, ELB Timbers has not been able to secure logs at low enough prices to be able to trade profitably," the company said.

The group is due to publish its results on or about March 16, 2007.

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