| Mon 19 Sep 2011, 17:02 | | ATN/ATNP - Allied Electronics Corporation Limited - Trading Statement |
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ATN ATNP
ATN
ATN/ATNP - Allied Electronics Corporation Limited - Trading Statement
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")
Trading Statement
Shareholders are referred to the outlook statement contained in Altron`s
summarised audited consolidated financial statements published on SENS on 4
May 2011.
Pursuant thereto, Altron`s sub-holding operations have experienced the
following trading conditions:-
* Bytes has continued to perform well during the last six months,
producing results ahead of expectations and achieving good growth in
all areas of its business, predominantly as a result of improved
corporate IT spend and the award of certain key contracts;
* Powertech`s results were adversely affected by its cable businesses,
which continued to face difficult times with demand remaining subdued
and pricing highly competitive, particularly in the local building and
construction sector and at its offshore Iberian operations.
Disruptions due to the nationwide strike in July 2011 also negatively
impacted the major operations within the Powertech group.
Notwithstanding this, the remainder of Powertech`s operations exceeded
expectations by improving efficiencies and capitalising on those
growth opportunities which have presented themselves;
* Altech`s performance since the year end has not improved to the extent
anticipated, largely as a result of continuing challenges in its East
African business. Pleasing growth has however been recorded in
several of the remaining businesses of the Altech group. Shareholders
are further referred to the trading statement published by Altech on
SENS on 19 September 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 half year ended 31 August
2011 are expected to be lower by between 14% and 18% and 11% and 15%
respectively, as against the previous corresponding period. Basic earnings
per share for the financial half year ended 31 August 2011 is expected to
be between 18% and 24% lower, as against the previous corresponding period.
Basic earnings per share has been affected by impairments of goodwill,
principally in respect of Altech`s East African operations and Bytes` Nor
Paper.
This trading statement has not been reviewed or reported on by Altron`s
external auditor.
Altron`s interim financial results for the half year ended 31 August 2011
are expected to be announced on or about 4 October 2011.
By order of the board
Johannesburg
19 September 2011
Sponsor
Investec Bank
Date: 19/09/2011 17:02:01 Produced by the JSE SENS Department.
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