| Wed 29 Apr 2009, 16:30 | | CND - Conduit Capital Limited - Trading Update |
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CND
CND
CND - Conduit Capital Limited - Trading Update
CONDUIT CAPITAL LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/017351/06)
Share code: CND & ISIN: ZAE000073128
("Conduit" or "the group")
TRADING UPDATE
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
twenty percent from that of the previous corresponding period. Accordingly, a
review of the financial results for the six months ended 28 February 2009 by
management has indicated that operating profit, net profit before tax,
attributable earnings, headline earnings, earnings per share ("EPS"), headline
earnings per share ("HEPS"), net asset value per share ("NAV") and tangible net
asset value per share ("TNAV") are expected to be as follows:
Unaudited Unaudited
six six months
months to % change
to 29 Feb 2008 Change
28 Feb
2009
Operating profit 11 264 7 696 3 568 46.36%
(R`000)
Net profit before tax 18 256 8 629 9 627 111.57%
(R`000)
Attributable earnings 7 252 2 710 4 542 167.60%
(R`000)
Headline earnings 7 256 2 717 4 539 167.06%
(R`000)
EPS (cents) 2.90 1.20 1.70 141.67%
HEPS (cents) 2.90 1.20 1.70 141.67%
NAV (cents) 89.19 89.85 (0.66) (0.73%)
TNAV (cents) 70.10 54.72 15.38 28.11%
Number of shares in 250 277 226 277
issue, net of treasury
shares (`000)
Weighted number of 250 277 225 856
shares (`000)
Note: The financial information on which the above trading statement is
based has not been reviewed or reported on by Conduit`s auditors.
General commentary
It is noteworthy that as a result of the group`s conservative investment
strategy and limited exposure to equity markets (R2.6 million as at
28 February 2009), group cash and near cash resources available for investment
increased to approximately R140 million (2008: R110 million); which resources
are in addition to existing working capital utilised within the group.
Additionally, the statutory funding ratio of the insurance division`s main
asset, Constantia Insurance Company Limited ("CICL"), improved from 29% on
29 February 2008 to 56% as at 28 February 2009 (Statutory requirement: 15%).
CICL`s international solvency margin increased to 65% as at 28 February 2009
(2008: 47%).
The Conduit Direct division performed particularly well in the last six months
and Anthony Richards & Associates (Proprietary) Limited has further entrenched
its position as a leader in the debt recovery market.
Conduit`s results for the six months ended 28 February 2009, with further
commentary on all operating units, are expected to be published on SENS and in
the press during the first week of May 2009.
Johannesburg
29 April 2009
Sponsor: Merchantec (Proprietary) Limited
Date: 29/04/2009 16:30:01 Produced by the JSE SENS Department.
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