HUG - Huge Group Limited - Further Trading Statement
HUG
HUG
HUG - Huge Group Limited - Further Trading Statement
HUGE GROUP LIMITED
(Registration number 2006/023587/06)
Share code: HUG ISIN: ZAE000102042
("Huge" or "the Group" or "the company")
FURTHER TRADING STATEMENT
In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, 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
period to be reported upon next will differ, by at least 20%, from the financial
results for the corresponding period in the prior year.
Shareholders are referred to the trading statements published on SENS on 5 and
24 April 2012 respectively, and are advised that as per those announcements, the
company now has additional clarity with regard to the improvement in earnings
and headline earnings per share in the current year when compared to the prior
year.
Shareholders are hereby advised that a reasonable degree of certainty exists
that the company anticipates that the improvement in operating performance in
the current year when compared to the previous year will result in a loss per
share of between 3.9 and 4.1 cents, and a headline loss per share of between 4.9
and 5.1 cents, compared to a loss and headline loss of 15.33 and 15.41 cents per
share respectively for the corresponding period.
Further explanation for the changes that have taken place between the various
trading statements:
The provisions for impairment of certain loans, in the amount of R13.3 million,
raised at a company level in the prior year as a result of the poor trading
performance of the group of companies comprising Huge were reversed at a company
level in the current year given the group`s improved trading performance. These
reversals were taken into account at a company level at the time of the 24 April
2012 trading statement but have been reinstated at a group level on
consolidation. These eliminations have no cash flow effect.
This trading statement has not been reviewed and no report has been compiled on
this trading statement by the Company`s external auditors.
Johannesburg
31 May 2012
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Date: 31/05/2012 15:00:01 Produced by the JSE SENS Department.
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