HDC
HDC
HDC - Hudaco Industries Limited - Trading statement
Hudaco Industries Limited
("Hudaco" or "the company")
Incorporated in the Republic of South Africa
Registration number: 1985/004617/06
Share code: HDC
ISIN code: ZAE000003273
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited, companies are
required to publish a trading update as soon as they are satisfied that a
reasonable degree of certainty exists that the financial results for the
period to be reported on will differ by 20% or more from the previous
corresponding period.
On the basis of trading results for the first 10 months, Hudaco shareholders
are advised that for its financial year ending 30 November 2009, the company
is expecting earnings per share, headline earnings per share and normalized
earnings per share to decline between 20% and 30% compared with the previous
financial year. This decline is as a result of difficult trading conditions
in the current economic climate, combined with the effects of a strong Rand.
Turnover is forecast to be about 15% lower than last year, whilst operating
expenses have been contained at 2008 levels. Stock levels will have been
managed down by about R100m over the year, which will result in substantial
cash balances at year end. Debtors` collection periods have remained unchanged.
The financial information on which this trading statement is based has not
been reviewed or reported on by Hudaco`s auditors.
By order of the board
Johannesburg
23 October 2009
Sponsor: Nedbank Capital
Date: 23/10/2009 16:01:01 Produced by the JSE SENS Department.
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