BCX - Business Connexion Group Limited - Trading Statement
BCX
BCX
BCX - Business Connexion Group Limited - Trading Statement
Business Connexion Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1988/005282/06)
Share code: BCX
ISIN: ZAE000054631
("BCX" or "the Company" or "the group")
TRADING STATEMENT
BCX is currently finalising its results for the six months ended 28 February
2011 ("the period").
Shareholders are advised that the group expects diluted earnings per share
("EPS") and diluted headline EPS for the period to be between 9.0 cents and 10.0
cents respectively, compared to 40.1 cents and 40.3 cents for the comparative
six month period to 28 February 2010.
The main reason for the decline in earnings is the delay in infrastructure and
project spend in the first half which impacted all business units as well the
issue of 41 092 438 ordinary shares as part of the group`s Black Economic
Empowerment ("BEE") transaction approved by shareholders on 8 September 2010.
The results include an IFRS 2 share based payment cost amounting to R6.1 million
as well as the dilution resulting from the additional shares in issue.
The group has also incurred transaction expenses amounting to R6.2 million
relating to the proposed transaction with UCS Group Limited and other related
merger and acquisition activity costs totalling R4.4 million.
While management anticipated that the first half would be challenging, Cloud and
Professional services continue to perform well.
The above information has not been reviewed and reported on by the Company`s
external auditors.
BCX`s results for the period are expected to be released on SENS on Thursday 14
April 2011.
Midrand
22 March 2011
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 22/03/2011 12:50:00 Produced by the JSE SENS Department.
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