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IRA
IRA
IRA - Infrasors Holdings Limited - Trading Statement and Update in Respect of
the 6 Month Period Ended 31 August 2009
Infrasors Holdings Limited
(Formerly Romador 123 (Propriety) Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 2007/002405/06)
Share Code: IRA & ISIN: ZAE000101507
("Infrasors" or "the Company")
TRADING STATEMENT AND UPDATE IN RESPECT OF THE 6 MONTH PERIOD ENDED 31 AUGUST
2009
DEFINITION OF TERMS
Terms used in the following announcement have the following meanings:
(i) F2009 - means the financial twelve months ended 28 February 2009;
(ii) H1 F2009 - means the financial six months ended 31 August 2008, or the
first half on F2009;
(iii)H2 F2009 - means the financial six months ended 28 February 2009, or the
second half F2009;
(iv) The "previous corresponding period" - means H1 F2009;
(v) F2010 - means the financial twelve months ended 28 February 2010;
(vi) H1 F2010 - means the financial six months ended 31 August 2009, or the
first half on F2010; and
(Vii)H2 F2010 - means the financial six months ending 28 February 2010, or the
second half F2010.
SHAREHOLDERS ARE ADVISED OF THE FOLLOWING:
Comparatives between H1 F2010 and H2 F2009
- Infrasors expects revenue to increase by between 20% and 25%;
- Infrasors expects profit before tax to increase by between 220% and 230%;
and
- Infrasors expects earnings before interest, tax and depreciation to
increase by between 80% and 90%
for the six month period ended 31 August 2009 compared to H2 F2009.
Comparatives between H1 2010 and H1 F2009 (the previous corresponding period)
- Infrasors expects revenue to decrease by between 20% and 25%;
- Infrasors expects profit before tax to decrease by between 65% and 75%; and
- Infrasors expects earnings before interest, tax and depreciation to
decrease by between 40% and 45% for the six month period ended 31 August
2009 compared to H1 F2009, the previous corresponding period.
TRADING STATEMENT
In terms of the JSE Listings Requirements, 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 next will differ by more than 20% from
those of the previous corresponding period.
Comparison between H1 F2010 and H1 F2009 (the previous corresponding period)
Infrasors expects a decline in earnings per share and headline earnings per
share for the six month period ended 31 August 2009 of between 65% and 75%
compared to H1 F2009, the previous corresponding period.
The principal reasons for the decline in earnings per share and headline
earnings per share compared to the previous corresponding period have already
been reported on in the trading statement in respect of the 12 month period
ended 28 February 2009, and the commentary on the financial results for F2009.
Comparison between H1 F2010 and H2 F2009
Infrasors expects an increase in earnings per share and headline earnings per
share of between 20% and 30% for the 6 months ended 31 August 2009 compared to
H2 F2009.
TRADING UPDATE
The products and services supplied by the Infrasors group broadly form part of
the industrial minerals supply chain and are directly and immediately affected
by overall demand in the base minerals and manufacturing economy. Consequently
Infrasors was directly and immediately affected by the demand slump which
manifested in H2 F2009 and is equally well positioned to respond immediately to
the anticipated upturn.
The Infrasors Group anticipates demand driven growth in H2 F2010 which is
expected to remain positive and in line with the first half performance given
ongoing stable market conditions. The anticipated end of the recession in the
South African economy and the lessening of the global financial instability have
resulted in the beginnings of increased demand by Infrasors` key clients in
manufacturing base metals industrial applications. The possibility of a "W-
shaped" recession has lessened and the "U-shaped" recession appears to be
trending towards the upside.
The "green shoots" have indicated that demand is on the increase and should
continue to slowly grow in the short term.
In the medium term Infrasors is well placed to grow in line with increased
demand driven economic activity. Capital expenditure projects and plant
refurbishments designed to expand production and reduce unit costs per ton mined
and beneficiated at Lyttelton and Delf have been implemented enabling greater
tonnage throughput per month once the recovery takes off and Cullinan is brought
into production.
The financial information on which this trading statement is based has not been
reviewed or reported on by the Group`s auditors. The Group`s interim results for
the six months ended 31 August 2009 are expected to be published on or about 4
November 2009.
Johannesburg
23 October 2009
Designated Advisor
Sasfin Capital
(a division of Sasfin Bank Limited)
Date: 23/10/2009 16:05:01 Produced by the JSE SENS Department.
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