GMB
GMB
GMB - Glenrand M.I.B - Trading Statement
Glenrand M.I.B Limited
(A Licenced 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 the headline loss per share for the
year ended 30 June 2008 is expected to be between 35 cents and 42 cents compared
to the headline profit per share of 6,7 cents for the corresponding period. The
loss per share for the year ended 30 June 2008 is expected to be between 34
cents and 40 cents compared to the profit of 35,6 cents per share published for
the previous corresponding period.
The decrease in profitability arose due to the operating losses incurred in
Benefit Services until the effective date of the disposal (5 February 2008) and
the estimated ongoing obligations to close down that business unit. In addition,
as reported at 31 December 2007, management assessed the carrying value of
software intangible assets in the continuing business and certain impairments
were required.
The continuing Risk Services operation produced revenue and investment income
growth of 13,7% to R514,8 million compared to R452,7 million in the prior
period. Cash flows generated by business units remain strong and the Group has
sufficient cash reserves to support its growth strategy and settle the estimated
costs of winding down Benefit Services.
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 2008 are expected to be published
on or about 11 September 2008.
5 September 2008
Investment Bank and Sponsor
Nedbank Capital
Date: 05/09/2008 09:00:01 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.
