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WNH
WNH
WNH - Winhold Limited - Trading Statement
WINHOLD LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1945/019679/06)
Share Code: WNH ISIN: ZAE000033916
("the company")
TRADING STATEMENT
In terms of the listings requirements of the JSE Limited, a company is required
to advise shareholders when it is reasonably certain that its results will
differ by more than 20% over the corresponding reporting period. Accordingly a
review by management has indicated a reduction in headline earnings per share
for the year ended 30 September 2011 and is expected to be between 9.5 and 10.5
cents per share (2010 20.7 cents).
This reduction is a result of several factors, which management has already
taken action on to address. Full details will be provided in the results
announcement expected to be published on 28th of November, but include:
1 The Inmins value-add division had a very disappointing year enduring stock
outs, contract suspensions, stock and contracts write offs and provisions
relating to prior years. A new management team is in place revitalizing and
re-engineering the product offering, rebuilding relationships with key
customers and maximizing shareholder value out of the large stock holding.
2 The Gundle manufacturing operations also had a very disappointing second
six months enduring worse than expected trading losses in the Easter
holiday period, SEIFSA wage renegotiation strikes at both its own
operations and more severely at its customers. Plant shut downs at a major
supplier limited the supply of raw material during the post strike recovery
period and raw material price increases could not be passed onto customers
quickly enough. Good labour relations limited the effect of the strike in
the factory and management has a strategy to increase margins and reduce
costs in the next 6 months.
The remainder of the operations performed, in total, in line with last year with
some of the operations out performing the previous year helping counter the
effects of a tough trading half as a result of the above mentioned strikes,
Easter trading day reductions and a general level of uncertainty resulting in
customers holding back on development projects.
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 external
auditors.
By order of the board.
G J O`Connor
Company Secretary
Germiston
4 November 2011
Sponsor
Arcay Moela Sponsors (Proprietary) Limited
Date: 04/11/2011 16:56:01 Produced by the JSE SENS Department.
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