| Tue 23 Feb 2010, 11:30 | | ATN/ATNP - Altron - Trading Statement |
|
ATN ATNP
ATN
ATN/ATNP - Altron - Trading Statement
Allied Electronics Corporation Limited
(Registration number 1947/024583/06)
(Incorporated in the Republic of South Africa)
Share Code : ATN ISIN: ZAE000029658
Share Code : ATNP ISIN: ZAE000029666
("Altron" or "the company")
Trading Statement
Shareholders are referred to the company`s outlook statement contained in the
2009 interim results announcement, which contemplated continuing challenging
market conditions over the short to medium term and are advised as follows:
- Powertech has continued to experience difficult trading conditions.
Volumes have remained depressed and pricing pressures have increased,
negatively affecting operating margins. Capital projects continue to be
delayed, while the ongoing strength of the Rand has also had a
detrimental effect on results;
- Bytes has, following the implementation of various corrective actions,
delivered an improved performance during the second half of the financial
year, which is broadly in line with our expectations. However, pricing
pressures remain in many of its markets;
- Altech continues to deliver a good performance in what has been a tough
trading environment, benefiting from, among others, sound strategic
decisions and a high proportion of annuity income which has resulted in
improved operating margins. Shareholders are referred to Altech`s
announcement published on SENS on 23 February 2010.
Accordingly, shareholders are advised that a reasonable degree of certainty
exists that the company`s basic earnings per share for the year ending 28
February 2010 are expected to be between 32% to 44% lower as against the
previous corresponding period. This range may be subject to further change
depending on the final values of the Rand, various commodity prices at the
year-end and the outcome of impairment testing to be conducted at certain
Altron subsidiaries as part of the year-end process. Headline earnings per
share for the year ending 28 February 2010 are expected to be between 25% to
35% lower as against the previous corresponding period. The company expects
that its diluted adjusted headline earnings per share for the year ending 28
February 2010 will be between 20% to 30% lower as against the previous
corresponding period. This calculation includes an adjustment for the
amortisation of intangibles arising from recent acquisitions. Management
considers this to be the most meaningful measure of profitability for the
company.
Altron`s annual financial results for the financial year ending 28 February
2010 are expected to be announced on or about 3 May 2010.
This trading statement has not been reviewed or reported on by Altron`s
external auditors.
By order of the board.
Johannesburg
23 February 2010
Sponsor
Investec Bank Limited
Date: 23/02/2010 11:30:06 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
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.
