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LAF
LOLAF
LAF - Lonrho Plc - Change of accounting reference date
LONRHO PLC
(Formerly Lonrho Africa Plc)
(Incorporated and registered in England and Wales)
(Registration number 2805337)
(Share code: LAF; ISIN number: GB0002568813
("Lonrho" or "the Company" or "the Group")
CHANGE OF ACCOUNTING REFERENCE DATE
To fall in line with the statutory reporting obligations of various of
the countries where it operates such as Mozambique, DRC and Angola, the
Board of Lonrho Plc has resolved to change the Company`s accounting
reference date from 30th September to 31st December and accordingly its
next full financial statements will be in respect of the 15 months to
31st December 2011. The change will align the Lonrho accounting period
with the statutory obligations in various countries where a December
year end is a legal requirement.
Consequently the Group will publish a second set of interim accounts for
the 6 month period ending 30th September 2011 by 30th November 2011.
An additional benefit of a year end aligned with the calendar year will
be for the Group`s expanding agricultural division which has always been
dependent directly or indirectly on the timing of harvests in South
Africa, Zambia, Zimbabwe, and Mozambique. This division is growing in
importance with the recent expansion of the Group`s agricultural
business with the purchase of the assets and operations of Grindrod PCA
and now accounts for over 50% of Group turnover. The change to a
calendar year accounting period will reduce potential seasonal variances
in relation to the main production season which has a September /October
harvest output.
The Group has enjoyed some important successes in the fourth quarter
with delivery of first shipments from Oceanfresh to Walmart in the USA
and Checkers in South Africa under new supply agreements and strong
performances from new acquisitions Lonrho Logistics (formerly the
business of Grindrod PCA) and Fish On Line. In addition, Fly540 is
expected to commence commercial operations in Ghana in the last week of
September. Overall trading remains broadly in line with management
expectations entering the busiest period of the year for the Group.
For further information:
Enquiries
Lonrho Plc -
David Lenigas, Executive Chairman +44 (0)20 7016 5105
Geoffrey White, Chief Executive Officer
David Armstrong, Finance Director
Panmure Gordon +44 (0) 20 7459 3600
Dominic Morley
Adam Pollock
Hannah Woodley
Pelham Bell Pottinger +44 (0) 20 7861 3232
James MacFarlane
22 September 2011
Sponsor:
Java Capital
Date: 22/09/2011 10:20:24 Produced by the JSE SENS Department.
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