|
CNL
CNL
CNL - Control Instruments Group Limited - Trading statement
Control Instruments Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1964/003987/06)
Share code: CNL
ISIN code: ZAE000001665
("Control Instruments" or "the Group" or "the Company")
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 their
financial results for the current reporting period will differ from the previous
corresponding period by more than 20%.
Control Instruments results for the year ended 31 December 2007 are expected to
show an increase in earnings per share to between 350 and 400 cents per share.
The major portion of this profit arises out of the sale of the Group`s fleet
management business, which it founded and built up over the past ten years, to
TeliMatrix Limited. A large part of the profit was distributed to shareholders
by way of a dividend in specie of two TeliMatrix shares for every one Control
Instruments share held on 9 November 2007.
Following the sale of the fleet management business, the Group`s interests are
now focused on two businesses; the automotive OEM market (Pi Shurlok) and the
automotive aftermarket (CI Automotive). These operations had mixed results.
The OEM business was negatively affected by the well publicised poor trading
conditions in its local and global markets. As a result of the adverse market
conditions the OEM business made losses and was restructured. It is now better
positioned for the current market conditions.
To some extent the losses in the OEM business were offset by profits in the
aftermarket business, which is starting to show the benefits of the acquisitions
and restructuring that have taken place over the past two years.
Headline loss per share is expected to be between 55 and 65 cents per share.
The Group`s net debt has been significantly reduced and tangible net asset value
is expected to increase to between 195 and 225 cents per share. Net asset value
per share is expected to decrease to between 290 and 320 cents per share.
Shareholders are advised that this information has not been reviewed or reported
on by the Company`s external auditors. Control Instruments` results for the year
ended 31 December 2007 are expected to be published on SENS on or about 17 March
2008.
Cape Town
10 March 2008
Sponsor:
Investec Bank Limited
Date: 10/03/2008 15:07:49 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
