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BFS
BFS
BFS - Blue Financial Services Limited - Trading Update
Blue Financial Services Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1996/006595/06)
JSE Share code: BFS
ISIN: ZAE000083655
("Blue" or the "Company")
TRADING UPDATE
In accordance with paragraph 3.4 of the Listings Requirements of the JSE
Limited, a listed company is required to publish a trading statement, as soon as
it is satisfied that a reasonable degree of certainty exists, that the financial
results for the next period to be reported on are likely to vary by more than
20% from the previous corresponding period.
Blue wishes to advise shareholders that the company expects a decrease in the
loss per share ("LPS") and the headline loss per share ("HLPS") for the year
ended 28 February 2011, of more than 20% compared to the LPS and HLPS reported
in the prior comparative period.
The main reasons for the reductions in the losses are:-
cost savings generated as a result of right-sizing the organization;
credit impairments reduced through improvements in collection processes;
the need for further write-offs of financial and intangible assets post the
recapitalization of the Group by Mayibuye has been reduced; and
improvements in operational efficiencies and business sophistication.
The restructuring embarked upon by the Company during the current financial year
and the impact of the Mayibuye turnaround strategy, have contributed to the
expected improvement in financial results. The management actions aimed at
stabilizing the business have led to a decline in new loan advances to customers
during the year. This should change with the market repositioning of the
business and enhanced credit granting procedures.
These actions provide a sound platform for growth and returning the group to
profitability in the future.
Once the Company has obtained a reasonable degree of certainty on the actual
range of the decrease in LPS and HLPS, a further trading statement will be
released.
The information in this trading update has not been reviewed or reported on by
Blue`s independent auditors.
Pretoria
1 February 2011
Designated Adviser
Grindrod Bank Limited
Date: 01/02/2011 15:15:02 Produced by the JSE SENS Department.
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