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ESR
ESR
ESR - Esorfranki Limited - Trading Update
ESORFRANKI LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1994/000732/06)
JSE code: ESR
ISIN: ZAE000133369
("the company or the group")
TRADING UPDATE
Shareholders are advised that the results of the 2011 financial year are
expected to be lower than those achieved for the corresponding period.
As reported in our latest`s presentation to the market during May 2010 we
indicated that the first half of 2011 financial year will be slow. The
performance in the first half of the 2011 financial year is being severely
impacted by a number of factors, including:
- the protracted delay in the award of certain contracts;
- adverse economic trading conditions in sub-Saharan Africa;
- a slowdown in sector-related economic activity due to the "Soccer World
Cup";
- excessive rainfall in the Gauteng region;
- a decrease in operating margins due to lower activity levels on certain
contracts; and
- once-off costs relating to activity-appropriate restructuring initiatives.
The group`s order book remains stable at about R1.6 billion of which
approximately R150 million has been deferred to the 2012 financial year due to
the above factors. With its diversified services offering, and geographical
split, the group will continue to explore further opportunities in sub-Saharan
Africa.
At this stage the group expects basic and headline earnings per share for the
six months ending 31 August 2010 to be less than 50% of those achieved in the
corresponding period. The group remains positive that the second half of the
2011 financial year will be in line with the corresponding period.
A further announcement will follow in due course.
The financial information on which this trading statement is based has not been
reviewed or reported on by the company`s auditors.
Johannesburg
13 July 2010
Designated Adviser
Vunani Corporate Finance
Date: 16/07/2010 13:45:01 Produced by the JSE SENS Department.
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