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BFS
BFS
BFS - Blue Financial Services Limited - Trading Statement
BLUE FINANCIAL SERVICES LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1996/006595/06)
JSE Code: BFS
ISIN: ZAE000083655
("Blue" or "the Company" or "the Group")
TRADING STATEMENT
In accordance with paragraph 3.4 of the Listings Requirements of the JSE
Limited, a listed company is required to publish a trading statement, as soon
as it is satisfied that a reasonable degree of certainty exists, that the
financial results for the next period to be reported on are likely to vary by
more than 20% from the previous corresponding period.
Blue wishes to advise shareholders that the Company expects an improvement in
the Company`s earnings and headline earnings per share for the financial year
ending 29 February 2012. Earnings per share ("EPS") are expected to be
between 0.35 and 1.12 cents per share and headline earnings per share ("HEPS")
are expected to be between 0.37 and 1.14 cents per share attributable to
ordinary shareholders. These compare with the basic loss per share and
headline loss per share of (29.59) cents and (27.77) cents per share
respectively, reported in the prior comparative period.
The main reasons for the improvements in results per share reported in the
prior comparative period are:-
- The Group`s reported interim results for the period ended 31 August 2011
reflected the Group`s return to profitability, ahead of initial
expectations, and a key milestone in the turnaround strategy.
- The Group has managed to maintain this momentum for the second half of
the financial year together with a change in focus towards delivering
sustainable growth in its loan advances to customers now that a sound
platform for growth has been established.
- The Group has continued its focus under its turnaround objectives of
driving cost efficiencies and operational improvements, enhancements in
credit and collections processes and increase in the overall level of
business sophistication throughout the organisation.
Included in the results above are non-recurring charges and gains and the
Group furthermore remains exposed to foreign currency movements on its non-
Rand denominated external funding as well as its non-Rand denominated results
of its subsidiary companies.
The Group`s turnaround objectives remain on track to be achieved within the 18
months timeline from date of recapitalisation in December 2010.
The information in this trading statement has not been reviewed or reported on
by Blue`s independent auditors.
Johannesburg
10 February 2012
Designated Advisor
Grindrod Bank Limited
Date: 10/02/2012 13:52:02 Produced by the JSE SENS Department.
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