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BJM
BJM
BJM - BJM - TRADING STATEMENT
BARNARD JACOBS MELLET HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1995/004798/06)
JSE code: BJM
ISIN: ZAE000014262
("BJM" or "the Group")
TRADING STATEMENT
The directors of BJM are pleased to advise shareholders of a satisfying
improvement to the Group`s second half profitability. Shareholders are further
advised of a conference call with management of BJM ("management") at 15h00
(details set out below).
As at September half year, normalised earnings per share, being earnings
adjusted for the impact of non-recurring items and Secondary Tax on Companies,
declined 60% compared to the previous corresponding period. Normalised
earnings per share for the second half are expected to show growth of between
2% and 6% against the previous corresponding period and an improvement of
between 150% and 180% over the first half period. Normalised earnings per
share for the full year ended 31 March 2009 are expected to be down between
25% and 35% compared to the 2008 financial year.
The second half performance is a result of improved operational revenues
specifically derived from corporate finance, wealth management and fixed
income trading which offset the revenue decline arising from equity brokerage.
Costs were managed prudently given the deteriorated market conditions. Net
asset value per share is expected to have increased by between 9% and 11% from
the previous year, to between 490 cents per share ("cps") and 500 cps (2008:
450.4 cps; September (half year): 466 cps).
As at the year end, all the subsidiaries in the Group are expected to have
been profitable and that the liquidity of the Group exceeded its operational
requirements.
In terms of the Listings Requirements of the JSE Limited, companies are
required to publish a trading statement as soon as they become aware that the
financial results for the period to be reported upon next will differ by at
least 20% from the financial results for the previous corresponding period.
Accordingly, BJM shareholders are advised that management has reasonable
certainty that the Group`s earnings will be negatively impacted at least to
this extent.
Management expects BJM`s earnings for the year ended 31 March 2009 to be as
follows:
* headline earnings between 41 to 46 cents per share (2008: 67.3 cps),
(September (half year): 10.9 cps);
* normalised earnings between 46 to 51 cents per share(2008: 70.3 cps),
(September (half year): 13.9 cps); and
* basic earnings between 41 to 46 cents per share (2008: 67.6 cps),
(September (half year): 10.4 cps).
The results for the year ended 31 March 2009 will be announced on or about 12
June 2009.
This trading statement has not been reviewed or reported on by BJM`s auditors.
Conference Call Details:
Time: 15h00 CAT (13h00 GMT, 09h00 EST)
SA: 011 535 3500 or 0800 203 599 (toll free)
UK: 0800 917 8183
USA: 1 866 752 6302
Reference number: 3027031#
Johannesburg
20 April 2009
Sponsors:
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Deloitte & Touche Sponsor Services (Pty) Limited
Date: 20/04/2009 14:00:01 Produced by the JSE SENS Department.
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