Altron -- voluntary business update
Shareholders are referred to the voluntary business update published by Altron on SENS on 10 December 2010. Pursuant thereto, Altron's sub-holding operations have experienced the following trading conditions:
* Bytes has performed well over the financial year, exceeding expectations and achieving high growth in several areas of its business, predominantly as a result of improving corporate IT spend and some good market share gains;
* Powertech has performed broadly in line with expectations, achieving good growth, albeit off a low base and despite market conditions in the building and construction sector remaining subdued;
* Altech has experienced a challenging year, although its performance improved in the second half. The majority of these challenges relate to once-off costs and market conditions in Altech's East African business. These challenges are being addressed by management and are expected to be mitigated in the short to medium term. Shareholders are further referred to the trading statement published by Altech on SENS on 13 April 2011 advising its shareholders in this regard.
Accordingly shareholders are advised that a reasonable degree of certainty exists that the company's headline earnings per share and adjusted diluted headline earnings per share, for the financial year ended 28 February 2011 are expected to be higher by between 12% and 17% and 9% and 14% respectively, as against the previous corresponding period. Basic earnings per share for the financial year ended 28 February 2011 is expected to be between 3% lower and 3% higher, as against the previous corresponding period. Basic earnings per share has been affected by an impairment of goodwill, principally in respect of Altech`s East African operations. Altron`s financial results for the year ended 28 February 2011 are expected to be announced on or about 4 May 2011.