GMB
GMB
GMB - Glenrand M.I.B Limited - Trading Statement
Glenrand M.I.B Limited
(A Licensed Financial Services Provider)
(Incorporated in the Republic of South Africa)
(Registration number 1997/008001/06)
Share Code: GMB & ISIN: ZAE000078010
("Glenrand M.I.B") ("the Group")
TRADING STATEMENT
In terms of the JSE Limited 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 from that of the previous corresponding period.
Accordingly, shareholders are advised that headline earnings during the six
month period ended 31 December 2006 have declined mainly as a result of the
losses sustained by Benefit Services, the effect of disposal of non core
operations and increased costs attributable to talent retention.
In the results announcement for the year ended 30 June 2006, shareholders
were advised that headline earnings per share for the six months to 31
December 2005 required restatement. This was due to an exclusion of the
amortisation of trademarks. The restated headline earnings per share
amounts to 5,9 cents and not 8,1 cents. Headline earnings per share for
the six months ended 31 December 2006 are now expected to be 95% to 115%
lower than the restated headline earnings per share of 5,9 cents.
Earnings per share for the six months ended 31 December 2006 are expected
to be 235% to 255% higher than those published for the previous
corresponding period of 5,9 cents due to the profits recognised on the sale
of investments.
Management is confident that the group will produce overall improved
operating results at 30 June 2007 compared with the previous financial
year.
The information in this trading statement has not been reviewed or reported
on by Glenrand MIB`s auditors. The Group`s results for the six months
ended 31 December 2006 are expected to be published on or about 26 February
2007.
Date: 31/01/2007
Sponsor
Nedbank Capital
Date: 31/01/2007 13:30:01 Produced by the JSE SENS Department.
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