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SQE
SQE
SQE - Square One Solutions Group Limited - Trading Update
SQUARE ONE SOLUTIONS GROUP LIMITED
(Incorporated in the Republic if South Africa)
Registration number 1999/026822/06
Share Code: SQE & ISIN: ZAE000023768
("Square One" or "the company")
TRADING UPDATE
In terms of the Listings Requirements of the JSE Limited ("JSE"), companies
are required to publish a trading statement as soon as they become reasonably
certain that the financial results for the next period to be reported on will
differ by more than 20% from that of the previous corresponding period.
Accordingly pursuant to the trading update released on 7 April 2010,
shareholders are advised that Square One is still finalising its results for
the year ended 31 December 2009 and anticipates that the group will reflect a
basic loss per share of between 50 cents and 55 cents (2008: basic earnings
per share of 0.2 cents and headline earnings per share of between 1.0 cent
and 3.0 cents (2008: headline earnings per share 0.4 cents). The financial
information on which this trading update is based has not been audited by the
company`s auditors. The company`s unaudited results for the year ended 31
December 2009 are expected to be released on SENS shortly. The delay in the
audit report is primarily linked to the finalising of accounting principles
pertaining to the treatment of intangibles and goodwill and ensuring
compliance with IFRS3.
A large portion of the decline in earnings per share is due to a loss on the
sale of an operating subsidiary due to the decline of orders relating to a
major contract with a large fixed line operator. In addition the company has
reviewed its treatment of goodwill arising on acquisition in light of current
market conditions and this has also resulted in a considerable amortization
of intangible assets and goodwill. Part of the amortization is related to the
disposal of the subsidiary as discussed above.
After adjusting for the loss on sale of the subsidiary, the remaining part of
the business achieved a net profit as reflected in the growth in headline
earnings per share compared to the corresponding period for 2008, which was
quite an achievement in the difficult operating environment of 2009.
Johannesburg
15 April 2010
Sponsor:
Grindrod Bank Limited
Date: 15/04/2010 12:22:01 Produced by the JSE SENS Department.
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employees and agents accept no liability for (or in respect of) any direct,
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