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ATN ATNP
ATN
ATN/ATNP - Allied Electronics Corporation Limited - Voluntary Business Update
Allied Electronics Corporation Limited
(Registration number 1947/024583/06)
(Incorporated in the Republic of South Africa)
Share Code : ATN ISIN: ZAE000029658
Share Code : ATNP ISIN: ZAE000029666
("Altron" or "the company")
Voluntary Business Update
Shareholders are referred to the voluntary business update published by Altron
on SENS on 10 December 2010.
Pursuant thereto, Altron`s sub-holding operations have experienced the following
trading conditions:-
* Bytes has performed well over the financial year, exceeding expectations
and achieving high growth in several areas of its business, predominantly
as a result of improving corporate IT spend and some good market share
gains;
* Powertech has performed broadly in line with expectations, achieving good
growth, albeit off a low base and despite market conditions in the building
and construction sector remaining subdued;
* Altech has experienced a challenging year, although its performance
improved in the second half. The majority of these challenges relate to
once-off costs and market conditions in Altech`s East African business.
These challenges are being addressed by management and are expected to be
mitigated in the short to medium term. Shareholders are further referred
to the trading statement published by Altech on SENS on 13 April 2011
advising its shareholders in this regard.
Accordingly shareholders are advised that a reasonable degree of certainty
exists that the company`s headline earnings per share and adjusted diluted
headline earnings per share, for the financial year ended 28 February 2011 are
expected to be higher by between 12% and 17% and 9% and 14% respectively, as
against the previous corresponding period. Basic earnings per share for the
financial year ended 28 February 2011 is expected to be between 3% lower and 3%
higher, as against the previous corresponding period. Basic earnings per share
has been affected by an impairment of goodwill, principally in respect of
Altech`s East African operations.
This voluntary business update has not been reviewed or reported on by Altron`s
external auditor.
Altron`s financial results for the year ended 28 February 2011 are expected to
be announced on or about 4 May 2011.
Johannesburg
13 April 2011
Sponsor
Investec Bank
Date: 13/04/2011 09:01:01 Produced by the JSE SENS Department.
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