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FGL
FGL
FGL - Finbond Group Limited - Revised 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")
REVISED TRADING UPDATE
Finbond shareholders are referred to the Trading Update published by the company
on 16 April 2010 wherein they were informed that Finbond expected basic earnings
to be approximately 17.9 cents per share (2009: 23.0 cents basic loss per share)
and that Finbond expected a headline loss of approximately 15.8 cents per share
(2009: 1.0 cent headline loss per share).
In terms of the Listings Requirements of the JSE Limited companies must publish
another trading statement if they become reasonably certain that a previously
published number, percentage or range in a prior trading statement is no longer
valid.
Finbond is currently finalising its results for the year ended 28 February 2010
and the Company`s auditors are completing their audit. The directors expect
the Company to report basic earnings of approximately 16.1 cents per share
(2009: 23.0 cents basic loss per share) and a headline loss of approximately
17.8 cents per share (2009: 1.0 cent headline loss per share).
As per the previously published Trading Update, 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 7 May 2010.
The financial information on which this trading statement is based has not been
reviewed or reported on by Finbond`s auditors.
Pretoria
6 May 2010
DESIGNATED ADVISER:
GRINDROD BANK LIMITED
Date: 06/05/2010 14:38:01 Produced by the JSE SENS Department.
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