WEA
WEA
WEA - WG Wearne Limited - Trading Statement
W G Wearne Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1994/005983/06)
(JSE code: WEA ISIN: ZAE000078002)
("Wearne" or "the company")
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited, companies are required
to publish a trading statement as soon as they are satisfied that a reasonable
degree of certainty exists that the financial results for the period to be
reported on will differ by at least 20% or more from the financial results for
the previous corresponding period.
Wearne is currently finalising its results for the six months ended 31 August
2008 and shareholders are advised that earnings per share and headline earnings
per share are expected to be between 70% and 80% below those of the previous
corresponding period, mainly as a result of:
the weaker trading conditions experienced in the first half of the year with
particular reference to the slow-down in the residential building market, an
increase in fuel prices and the higher interest rate environment; and
a continuation of the company`s capital expenditure programme during the period
under review with the associated expenses, while the associated revenue is only
expected to be generated from the second half of the year onwards.
Wearne expects improved earnings to the end of February 2009, due to additional
revenue being generated from the capital expenditure programme mentioned above,
as well as the Portland Holdings (Pty) Limited acquisition, which became
effective on 1 September 2008, and which will contribute to earnings in the
second half of the year.
The financial information on which this trading statement is based has not been
reviewed or reported on by the company`s auditors.
The company`s results for the six months ended 31 August 2008 are expected to be
released on SENS during the week ending 7 November 2008.
Johannesburg
23 October 2008
Designated Adviser
Vunani Corporate Finance
Date: 23/10/2008 16:30:11 Produced by the JSE SENS Department.
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