| Tue 14 Feb 2012, 14:20 | | DAW - Distribution and Warehousing Network Limited - Trading Statement |
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DAW
DAW
DAW - Distribution and Warehousing Network Limited - Trading Statement
Distribution and Warehousing Network Limited
(Incorporated in the Republic of South Africa)
(Registration number 1984/008265/06)
Share code: DAW & ISIN code: ZAE000018834
("DAWN" or "the Group")
Trading Statement
In compliance with section 3.4(b) of the JSE Listings Requirements,
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 be more than 20% different from that of the previous corresponding
period.
DAWN shareholders are accordingly advised that, for the six months ended 31
December 2011, the Group expects:
- Headline earnings per share ("HEPS") to be between 19,8 cents per
share to 20,6 cents per share (30%-35% up) compared to HEPS of
15,2 cents per share for the previous corresponding period; and
- Earnings per share ("EPS") to be between 19,9 cents per share and
20,6 cents per share (45%-50% up) compared to the EPS of 13,7
cents per share in the previous corresponding period.
The increase in EPS is mainly attributable to the improved results from the
Infrastructure segment of the Group. Group operating profit is expected to
amount to between R80 million and R85 million compared to the published
operating profit of R63 million for the previous corresponding period.
Despite the continued subdued trading environment in the building sector,
the operating performance of the Group`s Building segment was fair and
operating profit was maintained around the same levels as those achieved in
the first half of financial 2011.
The Infrastructure segment delivered an improved performance, particularly
at DPI and Incledon, and returned to profit in the period under review.
The Group has complied with all debt covenants imposed by its lenders at 31
December 2011 and accordingly the term debt payable beyond 12 months will be
classified as non-current.
The financial information on which this trading statement is based has not
been reviewed or reported on by DAWN`s auditors. The Group`s results will be
released on SENS on or about 15 March 2012.
Johannesburg
14 February 2012
Sponsor
Deloitte & Touche Sponsor Services (Proprietary) Limited
Date: 14/02/2012 14:20:01 Produced by the JSE SENS Department.
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