Exxaro’s robust financial performance is reflected in the 12% growth in revenue to R25.5 billion, off which the group generated EBITDA of R7.0 billion, R4.5 billion up on the R2.5 million for 2017. CEO Mxolisi Mgojo explains that earnings growth was boosted by once-off costs in the prior year, for instance the absence of the BEE transaction costs which were fully expensed in 2017, but points out that “even at an adjusted level, core EBITDA grew to R7.3 billion from R7.2 billion.” Similarly headline earnings per share (HEPS) rose to R26.72 a share from 502 cents for 2017, while adjusted core HEPS still showed [7 ]% growth to R21. 59 from R20.11 last year.