BWI - B & W Instrumentation and Electrical Limited - Trading update
BWI
BWI
BWI - B & W Instrumentation and Electrical Limited - Trading update
B & W INSTRUMENTATION AND ELECTRICAL LIMITED
Incorporated in the Republic of South Africa
(Registration number 2001/008548/06)
Share code: BWI ISIN: ZAE000098687
("B&W" or "the group")
TRADING UPDATE
In terms of the Listings Requirements of JSE Limited, 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.
Accordingly, a review of the financial results for the year ended 31
August 2011 by management has indicated that the loss and headline loss
per share is expected to be between 5.2 and 10.9 cents, compared to the
earnings and headline earnings per share of 28.5 cents for the year
ended 31 August 2010.
The current depressed economic environment which was particularly
prevalent in the construction sector resulted in difficult trading
conditions over the financial year. Combined with increased competition
and lower margins the group has posted disappointing results.
However, B&W have subsequently closed out the projects which put
significant pressure on cashflow during the financial year and have
taken steps to streamline operations.
Despite the fact that difficult trading conditions are expected to
continue well into 2012, the board is positive that with the measures
taken to streamline operations, together with the strong order book and
project pipeline, B&W can return to positive cashflow and earnings in
2012.
The financial information on which this trading statement is based has
not been reviewed or reported on by B&W`s auditors. B&W`s financial
results are expected to be released on SENS on or about 14 November
2011.
Johannesburg
27 October 2011
Designated Adviser
Merchantec Capital
Date: 27/10/2011 14:50:01 Produced by the JSE SENS Department.
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