| Thu 7 Jul 2011, 10:01 | | OML - Old Mutual Plc - Trading Statement for Nedbank Group Limited |
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OML
OLOML
OML - Old Mutual Plc - Trading Statement for Nedbank Group Limited
OLD MUTUAL PLC
ISIN CODE: GB0007389926
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
ISSUER CODE: OLOML
("Old Mutual plc")
Ref 72/11
Trading Statement for Nedbank Group Limited
Old Mutual plc announces that its majority owned South African banking
subsidiary Nedbank Group Limited ("Nedbank Group") made the following
announcement today, 7 July 2011.
"NEDBANK GROUP - TRADING STATEMENT
The following statement is made with reference to paragraph 3.4 (b) of the JSE
Listings Requirements that companies are required to publish a trading statement
as soon as they are satisfied that a reasonable degree of certainty exists that
the financial results for the period to be reported upon next will differ by at
least 20% from the results of the previous corresponding period.
In February 2011 Nedbank Group reported it was well placed for earnings growth
in the year ahead and that it remained on track to meet its medium-to long-term
financial targets in 2013. In May 2011 the group reported that it had a good
first quarter and made strong progress against its strategic objectives,
resulting in ongoing improvement in performance, building on the momentum
created in the second half of 2010.
The group is pleased to report continued earnings and growth momentum.
Accordingly, the board is satisfied that a reasonable degree of certainty exists
that diluted headline earnings per share (EPS) and diluted basic EPS for the six
month period ended 30 June 2011 will be at least 20% higher than the 475 cents
per share and 474 cents per share respectively reported for the comparative
period to June 2010. Further guidance will be provided as soon as there is a
reasonable degree of certainty in terms of the extent of the expected
improvement in performance.
Shareholders are advised that the financial information on which this trading
statement is based has not been reviewed or reported on by the group`s auditors.
Nedbank Group`s results for the six months ended 30 June 2011 will be released
on SENS on Monday, 1 August 2011.
Sandton
7 July 2011"
Enquiries
External Communications
Patrick Bowes +44 (0)20 7002 7440
Investor Relations
Aleida White +44 (0)20 7002 7287
Media
William Baldwin-Charles +44 (0)20 7002 7133
Notes to Editors
Old Mutual
Old Mutual plc is an international long-term savings, protection and investment
Group. Originating in South Africa in 1845, the Group provides life assurance,
asset management, banking and general insurance to more than 15 million
customers in Europe, the Americas, Africa and Asia. Old Mutual plc is listed on
the London Stock Exchange and the Johannesburg Stock Exchange, among others.
In the year ended 31 December 2010, the Group reported adjusted operating profit
before tax of GBP1.5 billion (on an IFRS basis) and had GBP309 billion of funds
under management, from core operations.
For further information on Old Mutual plc, please visit the corporate website at
www.oldmutual.com
7 July 2011
Sponsor
Merrill Lynch South Africa (Proprietary) Limited
Date: 07/07/2011 10:01:01 Produced by the JSE SENS Department.
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