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MZR
MZR
MZR - Mazor Group Limited - Trading Update
Mazor Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 2007/017221/06)
Share code: MZR ISIN: ZAE000109823
("Mazor" or "the Company")
TRADING UPDATE
In accordance with paragraph 3.4 (b) of the Listings Requirements of the JSE
Limited, shareholders are advised that the Company`s earnings and headline
earnings per share for the six month period ended 31 August 2010 will be at
least 70% lower than the reported earnings and headline earnings per share for
the prior comparative period. This decline is largely attributable to
continued low activity within the construction sector in South Africa and, in
particular, the Western Cape. Excess capacity within the sector has resulted
in price pressures, thus leading to lower margins. The company has completed
its rationalisation process in line with current economic conditions. Labour
costs have been adjusted to meet current demand conditions.
Within our contracting divisions, the company is currently operating in other
African countries including Namibia, Malawi and Nigeria. The focus being
primarily on private development in which financing is secure. These
contracts will reflect in the year-end results. Trading divisions within Mazor
(Hulamin Building Systems, Compass Glass and Independent Glass) continue to
increase volumes and capture market share.
Mazor is now well positioned to benefit from an improving macro environment
within the South African economy. We believe that current monetary conditions
including the interest rate cycle are conducive to increased activity within
the construction sector.
At this stage, the directors are unable to quantify, with any degree of
certainty, the expected earnings and headline earnings per share for the six
months ended 31 August 2010 and will publish a further announcement containing
such detail in due course.
The financial information on which this trading update is based has not been
reviewed by the Company`s auditors.
The Company`s interim results for the six months ended 31 August 2010 will be
released on or about 10 November 2010.
Cape Town
21 September 2010
Sponsor: Bridge Capital Advisors (Pty) Limited
Date: 21/09/2010 10:50:01 Produced by the JSE SENS Department.
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