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CNL
CNL
CNL - Control Instruments Group Limited - Trading Statement
CONTROL INSTRUMENTS GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1964/003987/06)
Share Code: CNL
ISIN: ZAE000001665
("the Company" or "the Group")
TRADING STATEMENT
In terms of the JSE Limited Listings Requirements, companies are required to
publish a trading statement as soon as it is reasonably certain that their
financial results for the current reporting period will differ from the previous
corresponding period by more than 20%.
In spite of the difficult trading conditions during the year ended 31 December
2009 the Group has reduced the loss per share by between 60% and 80% compared
with that of the year ended 31 December 2008. The headline loss per share
reduced by between 65% and 85%.
Trading conditions in the Group`s Aftermarket and OEM businesses stabilised
considerably during the second half of 2009, but at lower levels than those
experienced in the first half of 2007 and in 2008. The swift action taken by the
Group to significantly cut costs helped to limit the effect of the worldwide
economic downturn.
The decision to continue investing in the development of new products and
ongoing capex in manufacturing facilities is showing positive results. In the
second half of 2009 the OEM business won a number of international contracts for
its OpenECUTrade Mark products and for the development and manufacture of other
products. These contracts and orders are scheduled to go into full production
from late 2010 and the benefits are expected to show from 2011 onwards. Many of
the contracts should run for in excess of five years.
The Aftermarket business, which sells and distributes premium product brands,
weathered the storm. Demand for products picked up in the second half of 2009
with all indications that this trend will continue throughout 2010.
The financial information on which the trading statement was based has not been
reviewed or reported on by the Company`s auditors. The results of the Company
for the year ended 31 December 2009 will be released on SENS on or about 23
March 2010.
Cape Town
22 February 2010
Sponsor
Investec Bank Limited
Date: 22/02/2010 10:00:24 Produced by the JSE SENS Department.
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employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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