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ISB
ISB
ISB - Insimbi Refractory and Alloy Supplies Limited - Trading Update
Insimbi Refractory and Alloy Supplies Limited
Formerly Insimbi Alloy Supplies (Proprietary) Limited
(Registration number 2002/029821/06)
JSE share code: ISB
ISIN Number: ZAE000116828
("Insimbi" or "the company")
Trading update
In terms of the Listings Requirements of the 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 be more than 20%
different from that of the previous corresponding period.
Accordingly, a review of the financial results by management has indicated that
for the six months ending 31 August 2008, earnings per share ("EPS") are
expected to be between 140% and 160% and headline earnings per share
("HEPS")between 521% and 541% higher than reported for the corresponding six
month period, being the pro forma for the six months ended 31 August 2007, in
Insimbi`s pre-listing statement.
Based on management`s expectations, the EPS and HEPS for the six months ending
31 August 2008 are expected to be between 40% to 60% higher than the reviewed
EPS and HEPS annual results to 29 February 2008, as published on 26 May 2008.
Furthermore, the EPS and HEPS for the six months ending 31 August 2008 are also
expected to be between 3% and 23% higher than the annual Forecast to 28 February
2009 as published in the pre-listing statement.
These increases are as result of:
- a greater focus on higher margin commodities and exports
- a R:$ exchange rate consistently above the R7.00 : US$1.00 used for
forecasting in the pre-listing statement
- higher commodity prices than forecast in the pre-listing statement
- increased focus in South Africa on infrastructure, expenditure and upgrades
to the infrastructure.
In light of the current performance of the Company, the directors are
considering issuing a revised forecast to 28 February 2009 to coincide with the
release of their interim results to 31 August 2008.
The financial information on which this trading statement is based has not been
reviewed or reported on by Insimbi`s auditors. The results for the six months
ending 31 August 2008 are expected to be published by no later than 30 September
2008.
16 July 2008
Designated Advisor
PricewaterhouseCoopers Corporate Finance (Proprietary) Limited
(Registration number 1970/003711/07)
Date: 16/07/2008 13:53:02 Produced by the JSE SENS Department.
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