| Fri 4 Mar 2011, 13:31 | | DAW - Distribution and Warehousing Network Limited - Trading Statement |
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DAW
DAW
DAW - Distribution and Warehousing Network Limited - Trading Statement
Distribution and Warehousing Network Limited
(Incorporated in the Republic of South Africa)
(Registration number 1984/008265/06)
Share code: DAW & ISIN code: ZAE000018834
("Dawn" or "the Group" or "the Company")
Trading Statement
In terms of the Listings Requirements of JSE Limited, companies are required
to publish a trading statement as soon as they become reasonably certain that
the financial results for the period to be reported on will be more than 20%
different from that of the previous corresponding period.
Dawn shareholders are accordingly advised that, for the six months ended 31st
December 2010, the Group expects:
- Headline earnings per share ("HEPS") to be between 50%-55% lower (14,3
cents per share to 15,9 cents per share); and
- Earnings per share ("EPS") to be between 55%-60% lower (12,7 cents per
share to 14,3 cents per share)
than the HEPS of 31,9 cents per share and the EPS of 32,6 cents per share
published for the previous corresponding period.
The decreases were due to continued declines in the level of activity in the
building sector since the peak of the market in 2008. Against this, the group
took strong action in gaining market share and further containing costs. The
group`s just in time supply model proved its mettle during the period, with
revenue in the Building business almost being maintained and extensive
earnings declines limited.
However, the infrastructure-related businesses were negatively impacted by the
continued sharp decline in spend in our particular markets and losses
increased for the period.
It is worth noting that the decline in the last six months in HEPS was 8%-13%
when compared to the six months to June 2010. This indicates that the rate of
decline over the last six months has slowed.
The financial information on which this trading statement is based has not
been reviewed or reported on by Dawn`s auditors. The Group`s results will be
released on SENS on 10 March 2011.
Johannesburg
4 March 2011
Sponsor
Deloitte & Touche Sponsor Services (Proprietary) Limited
Date: 04/03/2011 13:31:58 Produced by the JSE SENS Department.
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