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WEA
WEA
WEA - W G Wearne Limited - Trading Statement
W G Wearne Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1994/005983/06)
(JSE code: WEA & ISIN: ZAE000078002)
("Wearne" or "the company")
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited, companies are required
to publish a trading statement 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 at least 20% or more from the financial results for
the previous corresponding period.
Wearne is currently finalising its results for the six months ended 31 August
2009 and shareholders are advised that the directors expect a loss per share
and headline loss per share of between 6.8 cents and 7.5 cents, compared to
earnings per share and headline earnings per share of 3.6 and 3.8 cents,
respectively, reported for the six months ended 31 August 2008. The
reduction in earnings is mainly as a result of:
- continued weak trading conditions experienced in the first half of the year
with particular reference to the slow-down in the residential building market;
- the impact of a fuel hedge taken out in November 2008 and ending in November
2009; and
- the cost of debt and the depreciation associated with the acquisition of The
Portland Group in September 2008 - the expected profit contribution to the
group results did not materialise and the performance has been disappointing
as a result of the severe decrease in new work in the Western Cape.
Although the remainder of the financial year will continue to be challenging,
the Wearne directors have mapped out and begun to implement a complete
restructure of the group in order to save costs. The restructure is expected
to be completed by the end of February 2010 and so the full impact of the
cost cuts on earnings will only be evident in the financial year ended
February 2011.
The financial information on which this trading statement is based has not been
reviewed or reported on by the company`s auditors.
The company`s results for the six months ended 31 August 2009 are expected to be
released on SENS during the week ending 13 November 2009.
Johannesburg
29 October 2009
Designated Adviser
Vunani Corporate Finance
Date: 29/10/2009 16:50:21 Produced by the JSE SENS Department.
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