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PKH
PKH
PKH - Protech Khuthele Holdings Limited - Trading Statement
Protech Khuthele Holdings Limited
Registration number 2000/024352/06
JSE code: PKH ISIN: ZAE000101986
("Protech" or "the Company" or "the Group")
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.
Shareholders accordingly are advised that headline earnings per share and
earnings per share for the year ended 28 February 2011 are expected to decline
by between 40 - 50% from the 20.2 cents per share and 20.9 cents per share
reported respectively for the corresponding previous financial year ended 28
February 2010.
As detailed in the February 2010 year-end results, as well as the half year
results for 2011, the group proactively moved into the mining sector to
compensate for the collapse of its traditional private sector and public
sector infrastructure markets. To ensure a sustained workflow during what was
expected to be continued tough markets, a strategic decision was taken to load
up on work in the coal mining sector. This strategy secured increased work
volume and a strong revenue stream for the Group albeit that this was at lower
margins than those achieved by Protech prior to the dramatic decline of
activity in the private construction sector and the deceleration in the public
infrastructural spend.
The operating margins achieved over the 2011 financial year were further
affected by the following:
* Continued excessive rainfall in the first quarter of the 2011
financial year; and
* Continued increase in competition.
Protech`s project pipeline and work-in-progress remain healthy, with the value
of work executed over the period having increased by more than 40% compared to
the corresponding previous period. The value of current contracts in progress
and the work pipeline is currently in excess of R1 billion. As outlined at the
half year, margins are likely to remain under pressure in the short term.
The above information has not been reviewed or reported on by the company`s
auditors.
The Group`s audited annual results will be announced on or about 30 May 2011.
Johannesburg
6 May 2011
Sponsor
Deloitte & Touche Sponsor Services (Pty) Ltd
Date: 06/05/2011 15:45:02 Produced by the JSE SENS Department.
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