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BWK
BWK
BWK - Buildworks - Trading statement and update in respect of the 6 month period
ended 28 February 2009
Buildworks Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 2007/004935/06)
Share code: BWK ISIN: ZAE000110219
("Buildworks" or "the company" or "the group")
TRADING STATEMENT AND UPDATE IN RESPECT OF THE 6 MONTH PERIOD ENDED 28 FEBRUARY
2009
In terms of the JSE Listings Requirements, companies are required to publish a
trading statement as soon as they are reasonably certain that the financial
results for the period to be reported on next will differ by more than 20% from
those of the previous corresponding period.
Buildworks accordingly advises that for the 6 month period ended 28 February
2009, the company expects:
- earnings per share ("EPS") to decrease by between 35% and 40% per share
compared to EPS of 5.63 cents per share for the 6 month period ended 29
February 2008;
- headline earnings per share ("HEPS") to decrease by between 35% and 40%
cents per share compared to HEPS of 5.65 cents per share for the 6 month
period ended 28 February 2008; and
- operating profit to be between 25% and 30% lower compared to operating
profit of R23,653 million for the 6 month period ended 28 February 2008.
Following the conclusion of the acquisition of Consolidated Power Projects
(Proprietary) Limited ("Conco") by Buildworks during February 2009, in
accordance with IFRS requirements, the trading results of Conco have been
consolidated by Buildworks with effect from 18 February 2009 and not the
effective date of the acquisition being 1 March 2008. As a result the group`s
interim results mainly include the results of the existing divisions within the
group (i.e. excluding Conco) which were severely affected by the slowdown in the
residential and commercial construction sectors.
In the future, the Conco acquisition is anticipated to benefit Buildworks by
reducing the group`s exposure to the currently depressed residential and
commercial construction industries.
The information on which this trading statement has been based has not been
reviewed or reported on by the company`s auditors.
The interim results for the 6 month period ended 28 February 2009 are expected
to be released on SENS on or about 28 May 2009.
26 May 2009
Designated advisor
Java Capital (Proprietary) Limited
Date: 26/05/2009 09:04:01 Produced by the JSE SENS Department.
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