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BIO
BIO
BIO - BioScience - Trading Statement
BioScience Brands Limited
(Registration number 2005/005805/07)
Incorporated in the Republic of South Africa
Share code: BIO
ISIN code: ZAE000115036
("BioScience" or "the Company")
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited ("the JSE"), listed
companies are required to publish a trading statement as soon as they become
reasonably certain that the financial results for the next period to be
reported on will be more than 20% different from those of the previous
corresponding period or from a profit forecast previously provided to the
market in relation to such period.
Despite the restructuring and re-organisation undertaken with the
consolidation of the old Wellco Heath Limited with Bioharmony (Pty) Ltd,
Aldrabri 53 (Pty) Ltd t/a Muscle Science and the acquisition of Phyto Nova,
BioScience Brands Limited (the Group) traded profitably operationally until
the end of March 2009. However, subsequent to March 2009 sales have declined
dramatically, reflecting the full impact of downturn in consumer demand in
South Africa in what is largely a discretionary expenditure segment. Numerous
operational and tactical marketing initiatives have been implemented in an
attempt to gain share in this difficult market. Cost control has remained
effective during the entire period.
The board is pleased to advise shareholders that the results for the twelve
months ended 30 June 2009, are expected to improve on the prior 16 month
period loss per share and headline loss per share by between 70% to 80%.
The results for the twelve months ended 30 June 2009, are however expected to
be substantially lower than the profit forecast as contained in the Circular
to Shareholders dated 13 August 2007 with the earnings per share and headline
earnings per share expected to decrease by between 350% to 370%, moving to an
expected loss per share.
The earnings of the Group were negatively impacted by the following:
- The changed market conditions as described above;
- Clean out of old stocks of the acquired companies;
- Interest on the loan required to complete the acquisition of Muscle
Science and Bioharmony, which due to the delay in listing, was only
settled when the rights offer was finalised in February 2009.
The information contained in this announcement has not been reviewed or
audited by the Group`s external auditors.
Durban
03 September 2009
Designated Advisor
Arcay Moela Sponsors (Pty) Ltd
Date: 03/09/2009 15:49:01 Produced by the JSE SENS Department.
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