GMB
GMB
GMB - Glenrand M.I.B - Trading statement
Glenrand M.I.B Limited
(A Licensed Financial Services Provider)
(Incorporated in the Republic of South Africa)
(Registration number 1997/008001/06)
Share Code: GMB & ISIN: ZAE000078010
("Glenrand M.I.B") ("the Group")
TRADING STATEMENT
In terms of the JSE Limited Listings Requirements, companies are required to
publish a trading statement as soon as they are reasonably certain that the
financial results for the current reporting period will be more than 20%
different from those of the previous corresponding period.
Accordingly, shareholders are advised that headline earnings during the year
ended 30 June 2007 have increased. This is mainly as a result of a reduction in
the losses incurred by Benefit Services and a sustained positive performance in
Risk Advisory Services.
Headline earnings per share for the year ended 30 June 2007 are expected to be
between 5,2 cents and 6,4 cents compared to the restated headline loss per share
of 12,2 cents for the corresponding period.
Earnings per share for the year ended 30 June 2007 are expected to be between
31,3 cents and 38,3 cents compared to the 20,8 cents per share published for
the corresponding period. The increase in earnings per share is mainly due to
the net profits realised on the disposal of non core operations. This includes
the loss on the disposal of the Benefit Services business, which will be
accounted for as a discontinued operation. The sale is subject to the fulfilment
of conditions precedent as disclosed in the notice to shareholders dated 28 June
2007. There has also been a significant reduction in our effective tax rate for
the period.
The information in this trading statement has been prepared in accordance with
International Financial Reporting Standards (IFRS) and has not been reviewed or
reported on by Glenrand M.I.B`s auditors.
The Group`s results for the year ended 30 June 2007 are expected to be published
on or about 13 September 2007.
Randburg
7 August 2007
Investment Bank and Sponsor
Nedbank Capital
Date: 07/08/2007 14:51:29 Produced by the JSE SENS Department.
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