LEW - Lewis Group Limited - Trading statement by Chief Executive Officer for the
LEW
LEW
LEW - Lewis Group Limited - Trading statement by Chief Executive Officer for the
quarter June 2011
Lewis Group Limited
Incorporated in the Republic of South Africa
(Registration number: 2004/009817/06)
JSE share code: LEW
ISIN: ZAE000058236
("Lewis" or "the company")
TRADING STATEMENT BY CHIEF EXECUTIVE OFFICER FOR THE QUARTER JUNE 2011
Trading in the first two months of the 2012 financial year was challenging,
mainly as a result of the Easter holiday period falling into April this year and
the local government elections which took place in May. These factors impacted
both sales and collections. However, sales recovered in June and July and the
group posted a 10% increase for the two months. Sales for the four months ended
July 2011 increased by 6% over the corresponding period.
Collections were slow in April and May, but improved in June and July. We
continue to raise a provision for the impact of a supreme court of appeal
judgement delivered on 28 March 2011 relating to credit insurance premiums
charged under the National Credit Act. This provision was raised for the first
time, at the year end March 2011 and is not in the comparative for the quarter
ended June 2010. The provision for the quarter ended June 2011, was increased
by an amount of R11 million.
As a result of the aforegoing, debtor costs for the quarter ended June 2011
increased by 28% (R30 million) compared to an increase of 21% (R18 million) for
the first quarter of the previous financial year.
Satisfactory paid customers comprised 72.5% of Debtors at the end of the first
quarter compared to 72.1% in the same period last year.
Cape Town
12 August 2011
Sponsor: UBS South Africa (Pty) Ltd
Date: 12/08/2011 10:00:01 Produced by the JSE SENS Department.
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