GMB
GMB
GMB - Glenrand M I B Limited - 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 that of the previous corresponding period.
Shareholders are referred to previous announcements in which the Group reported
the sale of the Benefits Services business to Absa Consultants and Actuaries
(Pty) Ltd on 20 December 2007. This disposal is effective from 5 February 2008
and accordingly the business has been classified as discontinued. Prior to
discontinuation, Benefit Services continued to incur growing losses.
As a result Glenrand M I B`s headline earnings per share for the six months
ended 31 December 2007 are expected to be 15,7 to 18,7 cents lower than the
headline earnings per share of 1,7 cents for the prior corresponding period, and
results in a headline loss of between 14 and 17 cents per share.
The continuing Risk Services business traded profitably at a headline earnings
level and continues to enjoy new business flows and high client retention.
Events that occurred in the half year caused management to assess the carrying
value of software intangible assets and an impairment was required. This
impairment has impacted on earnings per share for the six months ended 31
December 2007 which are expected to be 44 to 48 cents lower than those published
for the previous corresponding period of 25 cents per share and reflect a loss
of between 19 and 23 cents per share.
The information in this trading statement has not been reviewed or reported on
by Glenrand M I B`s auditors. The Group`s results for the six months ended 31
December 2007 are expected to be published on 21 February 2008.
Randburg
19 February 2008
Investment Bank and Sponsor
Nedbank Capital
Date: 19/02/2008 14:25:01 Produced by the JSE SENS Department.
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