CCL
CCL
CCL - Compu-Clearing Outsourcing - Trading statement
Compu-Clearing Outsourcing Limited
Incorporated in the Republic of South Africa
Registration number 1998/015541/06
Share code: CCL ISIN: ZAE 000016564
("Compu-Clearing" or "the Company)
Trading Statement
Shareholders are advised that Compu-Clearing expects its headline earnings per
share for the year ended 30 June 2009 to be between 38% and 43% lower than the
previous corresponding period. The Company has felt the full effect of the
global financial crisis during the year under review, which has resulted in a
30% decline in import volumes, the core driver of the Company`s revenue model.
Management believes that import volumes are unlikely to decline further. The 1%
drop in revenue compares favourably to the 30% decrease in import volumes and
positions the Group to benefit from the expected turnaround in the economy.
A 12,6% increase in operating costs was primarily due to a 13,9% increase in the
Group`s payroll expense. This arose from the necessity to retain skilled
personnel and an increase in headcount, to facilitate long-term skills transfer
and continuity of the Group`s skills base.
A charge for Secondary Tax on Companies (STC) of approximately R1million, levied
on dividends distributed during the year accounted for a 9% drop in headline
earnings per share. There was no charge for STC during the year ended 30 June
2008, as distributions to shareholders were in the form of a return of share
premium. Excluding the effect of the STC charge, headline earnings per share
would have decreased by between 29% and 34%, in the current period.
This trading statement has not been reviewed or reported on by Compu-Clearing`s
external auditors. The reviewed results for the year ended 30 June 2009 are
expected to be released on or about 4 September 2009.
By order of the board
28 August 2009
Sponsor
Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 28/08/2009 14:00:04 Produced by the JSE SENS Department.
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