| Fri 13 May 2011, 12:20 | | IDE - Ideco Group Limited - Trading update for the six months ended |
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IDE
IDE
IDE - Ideco Group Limited - Trading update for the six months ended
28 February 2011
Ideco Group Limited
Incorporated in the Republic of South Africa
(Registration number 2001/023463/06)
Share Code: IDE
ISIN code: ZAE000107579
("Ideco" or "the Company" or "the Group")
TRADING UPDATE FOR THE SIX MONTHS ENDED 28 FEBRUARY 2011
In terms of the JSE Limited Listings Requirements, 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 differ by more than 20%
from that of the previous corresponding period.
Shareholders are advised that the loss per share will be approximately 0,54
cents per share for the six months ended 28 February 2011 compared to earnings
of 0,09 cents per share for the six months ended 28 February 2010. Similarly,
the headline loss per share is expected to be approximately 0,54 cents per share
for the six months ended 28 February 2011 compared to the headline earnings of
0,09 cents per share for the six months ended 28 February 2010. Revenue
increased by between 20% and 25% and earnings before interest, tax, depreciation
and amortisation ("EBITDA") increased by between 15% and 20% from the R5,6
million achieved in the corresponding six months ended 28 February 2010.
The loss per share and headline loss per share are a result of additional
amortisation and a provision for finance costs on the B Preference shares
relating to the Managed Integrity Evaluation (Pty) Limited acquisition, which
were not applicable in the previous corresponding period. The unaudited interim
results will be published on or about 30 May 2010.
The directors believe that the turnaround in EBITDA is a direct result of the
solid foundation that has been laid for long-term sustainable growth. Further
thereto, the directors remain confident of the Group`s growth prospects.
The financial information on which this trading statement has been prepared has
not been reviewed by the Company`s auditors.
13 May 2011
Bryanston
Designated Advisor
QuestCo Sponsors (Pty) Limited
Date: 13/05/2011 12:20:01 Produced by the JSE SENS Department.
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