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IDE
IDE
IDE - Ideco - Trading Statement
Ideco Group Limited
Incorporated in the Republic of South Africa
Registration number 2001/023463/06
Share code: IDE
ISIN code: ZAE000107579
("Ideco" or "the company")
TRADING STATEMENT
In terms of the Listings Requirements of JSE Limited, companies are required to
publish a trading statement as soon as they become reasonably certain that the
financial results for the period to be reported on will differ by more than 20%
from that of the previous corresponding period. Ideco is currently finalizing
interim results for the 12 month period ended 29 February 2008. Ideco`s yearend
is 31 August 2008.
Shareholders are advised that the earnings per share and headline earnings per
share will be between 85% and 90% less than the previous corresponding period.
The interim results will be published in May 2008. This movement is largely
attributable to a delay in the implementation of the AFISwitch criminal record
checking service and lower than anticipated government purchases on government
tenders awarded to the company. The delay in implementing the AFISwitch service
was caused by additional requirements laid down by large customers in respect of
integrating the AFISwitch solution into their systems. It is expected that these
requirements will be met by June 2008.
These delays will also have a negative effect on the projected earnings per
share and headline earnings per share for the 18 months ending 31 August 2008.
A trading update will be released at the appropriate time to give more details.
The directors are confident that the projected earnings per share and headline
earnings per share for the following financial year ending 31 August 2009 will
be met.
The company`s access control and time and attendance business continued to show
exceptional growth with an increase of 328% in profit after tax in comparison
with the previous corresponding period.
Furthermore the company has secured two five year contracts with an estimated
revenue of R200m over the period.
The directors believe that a solid foundation has been laid for long-term
sustainable growth and remain confident of the company`s growth prospects.
The financial information on which this trading statement is based has not been
reviewed or reported on by the company`s auditors.
15 April 2008
Bryanston
Designated Advisor to the company
QuestCo Sponsor (Pty) Ltd
Date: 15/04/2008 12:01:45 Produced by the JSE SENS Department.
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