Glenrand M.I.B Limited - Trading statement
Glenrand M.I.B Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/008001/06)
Share Code: GMB ISIN: ZAE000018529
(`Glenrand M.I.B`) (`the Company`)
TRADING STATEMENT
In terms of the JSE Securities Exchange South Africa Listings Requirements,
companies are required to publish a trading statement as soon as they are
reasonably certain that the financial results for the current reporting period
will be more than 20% different than that of the previous corresponding period.
Benefit Services year-end results are expected to deteriorate significantly over
those foreseen when the Interim results announcement was released on 25 February
2005. The main causes of this deterioration are increased expenses and the
recruitment of new staff which has not yet been matched by new business. A new
Chief Executive Officer of Benefit Services was appointed on 18 May 2005.
As stated in our previous Interim results announcement, lower organic growth, a
decrease in the investment income earnings as a result of a reduction in
interest rates over the prior period and the softer market environment have
continued to adversely impact the risk advisory services segment of the
business.
Glenrand M.I.B expects, for the year ending 30 June 2005, that headline earnings
per share will decrease between 15% and 25% compared to the 32.0 cents reported
in the prior year, and that earnings per share will increase between 40% and 50%
compared to the prior year of 15.2 cents.
These forecast results for the year ending 30 June 2005 have not been reviewed
or reported on by the Company`s auditors. The Company`s results for the year
ending 30 June 2005 are expected to be published on or about 7 September 2005.
Johannesburg
20 May 2005
Sponsor
Nedbank Capital
Date: 20/05/2005 05:44:02 PM
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