FGL
FGL
FGL - Finbond - Trading Update
Finbond Group Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2001/015761/06)
Share code: "FGL" ISIN: ZAE000138095
("Finbond" or "the Company")
TRADING UPDATE
In terms of the Listings Requirements of the JSE Limited companies are
required to publish a trading update 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. A review of
the financial results for the year ended 28 February 2010 by the directors of
the Company has indicated that basic earnings are expected to be approximately
17.9 cents per share (2009: 23.0 cents basic loss per share). Finbond however
expects to report a headline loss of approximately 15.8 cents per share (2009:
1.0 cent headline loss per share).
The positive change in basic earnings per share can be attributed to improved
results flowing from the micro finance division by way of higher business
volumes, improved interest margins and fees as well as a significant
contribution from credit insurance and once-off revaluation adjustments
emanating from investment properties. However, these positive factors were
tempered by accelerated amortisation of the intangible assets as well as
significant costs incurred in expanding the branch network and rebranding and
repositioning Finbond within the micro finance market.
In contrast, the headline loss per share increased due to the exclusion of the
investment properties revaluation from the calculation thereof.
Finbond expects to publish its results for the year ended 28 February 2010 on
or about 3 May 2010.
The financial information on which this trading statement is based has not
been reviewed or reported on by Finbond`s auditors.
Pretoria
16 April 2010
DESIGNATED ADVISER:
GRINDROD BANK LIMITED
Date: 16/04/2010 15:13:03 Produced by the JSE SENS Department.
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