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26-Oct-2018
(Official Notice)
The board advised that Louis Meiring will join Hudaco as an executive director with effect from 14 January 2019. Louis, an electrical engineer, has been with the Zest WEG Group for the past 27 years and has served as its Group CEO since 2012. His extensive experience of the engineering consumables industry will significantly enhance the skills, capacity and leadership capability of the Hudaco executive team.
12-Sep-2018
(Official Notice)
With effect from 1 September 2018, Hudaco acquired the fixed assets, trading inventory, customer and supplier lists, trading contracts and the workforce of Secequip (trading as TPA Security Distributors). The total consideration, to be paid out of existing facilities and future cash flow, is R31 million.



Secequip is a distributor of security and surveillance products, particularly the Texecom brand. It will initially trade separately from Elvey Security Technologies, an existing division of Hudaco, but the back offices of the two businesses will be integrated to achieve synergies.



The Transaction falls below the threshold of category 2 transactions, which requires disclosure in terms of the JSE Ltd.?s Listing Requirements. However, Hudaco?s board believes it is appropriate to inform shareholders of the transaction.
28-Jun-2018
(C)
Turnover for the interim period increased by 10.6% to R3 billion (2017: R2.7 billion). Gross profit was R1.1 billion (2017: R987 million). Operating profit grew by 7.7% to R290 million (2017: R269 million). Profit attributable to equity holders of the parent was 9.3% higher at R167 million (2017: R153 million). Furthermore, headline earnings per share increased by 9.3% to 528 cents per share (2017: 483 cents per share).



Declaration of interim dividend number 63

Interim dividend number 63 of 190 cents per share is declared payable on Monday,13 August 2018 to ordinary shareholders recorded in the register at the close of business on Friday, 10 August 2018.



Company prospects

Hudaco's prospects largely depend on general economic activity and that in turn depends largely on government policy and its implementation. We still hope that the Zuma hangover witnessed so far in 2018 will fade and that the optimism around President Ramaphosa will translate into growth in the economy and into investment in those sectors of the economy that are traditional Hudaco markets. As we explained in our 2017 results announcement in January, this will enable those of our businesses that have been in austerity mode for the past few years to thrive once again. Many of our businesses are well placed to benefit immediately from such a scenario, while others will need to wait for the positive cycle to mature first. If industry is active, we will supply the replacement parts it requires. We will also continue to seek out strategic acquisitions as a further source of growth.



Hudaco's business model, which is principally the sale of consumable products including replacement parts with a high value added component; and its financial characteristics high margin and strong cash flows with a limited requirement for investment in fixed assets, makes Hudaco resilient and this set of results bears testament to that characteristic.



Results presentation

Hudaco will host presentations on the financial results in Johannesburg and Cape Town on Friday, 29 June 2018 and Monday, 2 July 2018, respectively. Anyone wishing to attend should contact the company at 011 657 5000. The slides, which form part of the presentation, will be available on the company???s website from Friday 29 June 2018.
04-Jun-2018
(Official Notice)
Hudaco acquired the trading assets and liabilities of Boltworld with effect from 1 June 2018. The final total consideration, to be paid out of existing facilities and future cash flow, will depend on Boltworld?s profit for the twelve months to 30 June 2018, with an initial payment of R80 million and a maximum of R111 million. These figures include an amount of R24 million for inventory which Hudaco regards as being in excess of normal requirements. The consideration paid for inventory was discounted from original cost taking into account the period over which it is likely to be sold, based on historical sales patterns.



Boltworld is a distributor of industrial fasteners selling to fastener retailers, hardware stores, building supply operations, steel merchants and selected end users. Boltworld will be integrated into the FTS business of Rutherford, an existing division of Hudaco selling rivets and a range of other industrial fasteners.
05-Apr-2018
(Official Notice)
Hudaco shareholders are advised that at the annual general meeting (?the AGM?) held at the registered offices of the Company on 5 April 2018, all resolutions were passed by the requisite majority of Hudaco shareholders present in person or represented by proxy at the AGM.
28-Feb-2018
(Official Notice)
Shareholders are advised that a summarised report for the financial year ended 30 November 2017, which includes Hudaco?s abridged financial results, a review of the group?s performance, notice of the annual general meeting, proxy form and other administrative information was posted on 23 February 2018. There have been no changes from the abridged audited results for the year ended 30 November 2017 released on 2 February 2018. The full integrated report is available on the company?s website (www.hudaco.co.za) or on request from the group secretary (reanaw@hudaco.co.za).



Shareholders are further advised that the annual general meeting of the company will be held at 11:00 on Thursday 5 April 2018 at Hudaco?s corporate offices situated at Building 9, Greenstone Hill Office Park, Emerald Boulevard, Greenstone Hill, Edenvale. The record date for attending and voting at the annual general meeting is Thursday 29 March 2018. The notice of the annual general meeting is contained in both the abovementioned summarised report and the integrated report.
28-Feb-2018
(Official Notice)
Shareholders are advised that in accordance with the JSE Listings Requirements Hudaco?s Annual Compliance Report, in terms of section 13g(2) of the Act, is available on the Company?s website www.hudaco.co.za
05-Feb-2018
(Media Comment)
Business Day reported that Hudaco's persisting acquisition strategy allowed the company to emerge stronger after 2017?s tough operating environment.



CE Graham Dunford commented that the optimism following Cyril Ramaphosa?s election as ANC president could encourage investment by Hudaco?s key customers, offsetting the effect on its pricing from a stronger rand-dollar rate.



Hudaco spent R210 million on acquisitions in the year to November but also repaid R45 million of bank borrowings. Turnover increased to R5.9 billion while headline earnings climbed to R12.56 a share. The dividend rose 7% to 560c a share.
02-Feb-2018
(C)
26-Oct-2017
(Official Notice)
The board of Hudaco announced the following appointments, effective 1 November 2017:

- Mark Thompson, an independent non-executive director, as chairman of the remuneration committee; and

- Stephen Connelly, a non-executive director, as a member of the remuneration committee and the nomination committee.
07-Sep-2017
(Official Notice)
Shareholders are advised that in accordance with the JSE Listings Requirements Hudaco?s Annual Compliance Report, in terms of section 13g(2) of the Act, is available on the Company?s website www.hudaco.co.za.
08-Aug-2017
(Official Notice)
Shareholders are referred to the announcement released on SENS on Tuesday, 1 August 2017 and in the press on Wednesday 2 August 2017 wherein they were advised that Hudaco has signed an agreement to acquire the trading assets and liabilities of Eternity from 1 August 2017 (?the Transaction?). This Transaction was subject to the fulfilment of certain suspensive conditions, specifically the satisfactory completion of a due diligence and the signing of a lease agreement over the head office premises.



Shareholders are advised that these suspensive conditions have now been fulfilled. All conditions precedent to the Transaction have therefore been fulfilled and the acquisition is now unconditional.
01-Aug-2017
(Official Notice)
30-Jun-2017
(C)
22-May-2017
(Official Notice)
Stuart Morris, who joined the Hudaco board on 12 January 2009, has announced his intention to retire as independent non- executive director on 30 June 2017.



By way of succession, the board announces the appointment of Mark Thompson as independent non-executive director with effect from 20 June 2017. He will also be appointed as a member of the audit and risk management committee, the remuneration committee and the nomination committee.







22-May-2017
(Official Notice)
Hudaco has acquired the trading assets and liabilities of Dished End from 1 May 2017. The final total consideration, to be paid out of existing facilities and future cash flow, will depend on the average profits over a three year earn-out period, with an initial payment of R36m and a maximum of R79m.



The company manufactures dished ends, which are the end caps on pressure vessels. These ends vary from 0.4m to 5.5m in diameter and from 4mm to 25mm in thickness. They are manufactured in various metals as required by the particular type of vessel. Dished End also offers the pressing and flanging of small conical sections and a range of single pressed weld caps.



The transaction falls below the threshold for a category 2 transaction, which requires disclosure in terms of the JSE Ltd?s Listing Requirements. However, Hudaco?s board believes it is appropriate to inform shareholders of the transaction.



30-Mar-2017
(Official Notice)
Hudaco shareholders are advised that at the annual general meeting (?the AGM?) held at the registered offices of the company on 29 March 2017, all resolutions were passed by the requisite majority of Hudaco shareholders present in person or represented by proxy at the AGM.
27-Feb-2017
(Official Notice)
Following the increase in the dividend withholding tax rate as announced during the budget speech by the Minister of Finance on Wednesday, 22 February 2017, shareholders are advised of the following changes to the dividend declaration which was announced by Hudaco on 2 February 2017:



The dividend will now be subject to dividend withholding tax at a rate of 20%, up from 15%. In accordance with paragraphs 11.17(a)(i) to (ix)and 11.17(c) of the JSE Listings Requirements, the following additional information is disclosed:

- The dividend withholding tax rate is 20%;

- The net local dividend amount is 284 cents per share for shareholders liable to pay the Dividend Tax and 355 cents per share for shareholders exempt from the Dividend Tax.



The remainder of the dividend declaration is unchanged.
03-Feb-2017
(C)
Turnover for the year increased by 5.8% to R5.5 billion (2015: R5.2 billion). Gross profit rose to R1.998 billion (2015: R1.917 billion), profit attributable to equity holders of the parent was 5.3% higher at R388 million (2015: R369 million), while headline earnings per share climbed 5.1% to 1 222 cps (2015: 1 163 cps).



Declaration of final dividend

Final dividend number 60 of 355 cps (2015: 345 cps) is declared payable on Monday, 6 March 2017 to ordinary shareholders recorded in the register at the close of business on Friday 3 March 2017.



Prospects

Notwithstanding the challenges that are bound to arise from the economic and political environment both nationally and internationally, Hudaco is optimistic that earnings in 2017 will be impacted positively by a combination of factors:

* the company ended the year strongly and several businesses have come into the year with much healthier order books;

* there are signs of improvement in certain of the sectors in which the company operates; strengthening in commodity prices since June last year should positively affect mining and manufacturing activity;

* the strengthening Rand should allow the company to release cash from inventories;

* Hudaco is seeing relief from the crippling drought of the past two years; and

* the company made high potential growth acquisitions in recent months.



Results presentation and annual general meeting

Hudaco will host presentations on the financial results in Johannesburg and Cape Town on Friday, 3 February 2017 and Monday, 6 February 2017, respectively. Anyone wishing to attend should contact Rika Wessels-Bouwer at +2711 657 5000. The slides which form part of the presentation will be available on the company?s website from Friday, 3 February 2017.



The company?s 32nd annual general meeting will be held at Building 9, Greenstone Hill Office Park, Emerald Boulevard, Greenstone Hill, Edenvale at 15:00 on Wednesday, 29 March 2017. The notice and proxy form for the company?s annual general meeting will be posted to the shareholders by 17 February 2017 and will be included in the integrated report that will be published on Hudaco?s website during February 2017.

01-Jul-2016
(C)
Turnover for the interim period decreased by 1.6% to R2.507 billion (2015: R2.549 billion). Gross profit lowered to R902 million (2015: R924 million), operating profit dropped 15.8% to R246 million (2015: R292 million), while profit attributable to equity holders of the parent was 13.9% lower at R149 million (2015: R173 million). Furthermore, headline earnings per share declined by 13.9% to 472 cents per share (2015: 548 cents per share).



Declaration of interim dividend number 59

Interim dividend number 59 of 170 cents per share (gross) is declared payable on Monday, 15 August 2016 to ordinary shareholders recorded in the register at the close of business on Friday, 12 August 2016.



Prospects

South Africa, right now, is a difficult place to do business. We expect that trading conditions in the second half of 2016 will be much the same. Consumer spending will probably remain under pressure as the economy continues to struggle and three of the sectors we serve: mining, manufacturing and agriculture, are likely to stay depressed until such time as commodity prices increase and the drought is broken.Notwithstanding the substantial shift in Hudaco?s exposure away from mining and manufacturing over the past few years, these remain important sectors for the group and their fortunes still have a significant impact on Hudaco?s trading results. Businesses heavily exposed to these markets are bound to battle to get organic growth and will have to manage the relationship between sales, gross margin and expenses even more carefully until conditions improve.



Consumer-related markets, which now account for the majority of our profit are performing well and increased emphasis will continue to be placed on growing this segment. The acquisition of Miro in May 2016 is another positive step in this direction.Hudaco?s business model, which is principally the sale of replacement parts with a high value added component; and its financial characteristics ? high margin and strong cash flows with a limited requirement for investment in fixed assets; allow us to continue to deliver acceptable results in this difficult economic environment.
07-Jun-2016
(Official Notice)
Hudaco has acquired the trading assets and liabilities of Brewtech with effect from 1 June 2016. The final total consideration will depend on the average profits over a three year earn-out period. There is an initial payment of R29 million and the maximum price is R70 million.



Brewtech imports and distributes branded stainless steel and plastic products for conveyors, such as chains, sprockets, idler wheels, wearstrips, seals, washers and membranes. The business also manufactures certain plastic components and has synergies with existing Hudaco businesses both in terms of products and customers. Its current customer base is primarily in the food and beverage industry, with an emphasis on bottling.



The transaction falls below the threshold of a category 2 transaction, which requires disclosure in terms of the JSE Ltd.?s Listing Requirements. However, Hudaco?s Board believes it is appropriate to inform shareholders of the transaction.
03-May-2016
(Official Notice)
09-Mar-2016
(Official Notice)
Hudaco shareholders are advised that the voting results for the annual general meeting (?the AGM?) held at the registered offices of the company are set out in the relevant SENS note. Based on the voting results, all resolutions were passed by the requisite majority of Hudaco shareholders present in person or represented by proxy at the AGM.
25-Feb-2016
(Official Notice)
Shareholders are advised that a summarised report for the financial year ended 30 November 2015, which includes Hudaco?s abridged financial results, a review of the group?s performance, notice of the annual general meeting, proxy form and other administrative information was posted on 5 February 2016. There have been no changes from the abridged audited results for the year ended 30 November 2015 released on 29 January 2016. The full integrated report is available on the company?s website (www.hudaco.co.za) or on request from the group secretary (reanaw@hudaco.co.za).



Shareholders are further advised that the annual general meeting of the company will be held at 11:00 on Wednesday, 9 March 2016 at Hudaco?s corporate offices situated at Building 9, Greenstone Hill Office Park, Emerald Boulevard, Greenstone Hill, Edenvale. The record date for attending and voting at the annual general meeting is Friday, 4 March 2016. The notice of the annual general meeting is contained in both the abovementioned summarised report and the integrated report.



01-Feb-2016
(Official Notice)
Hudaco has acquired the trading assets and liabilities of Hydraulic Engineering Repair Services (Pty) Ltd. ("HERS") from 1 December 2015. The final total consideration will depend on the average profits over a two year earn-out period, with an initial payment of R33 million and a maximum of R100 million.



HERS is a manufacturer and repairer of hydraulic cylinders and has a division that focuses on the repair and refurbishment of drivetrain components using leading branded products, including Kessler and Co. These components include axles, transmissions and torque converters for the mining, construction, manufacturing and other industries. The business has synergies with existing Hudaco businesses both in terms of products and customers.



The transaction falls below the threshold of a category 2 transaction, which requires disclosure in terms of the JSE Ltd.?s Listing Requirements. However, Hudaco?s Board believes it is appropriate to inform shareholders of the transaction.
29-Jan-2016
(C)
Turnover for the year ended 30 November 2015 increased by 17% to R5.2 billion (2014: R4.5 billion). Gross profit rose 17% to R1.9 billion (2014: R1.6 billion), operating profit jumped 23% to R605 million (2014: R494 million), while profit attributable to shareholders of the group soared to R369 million (2014: R3 million). Furthermore, headline earnings per share came in at 1 163 cents per share (2014: 6 cents per share).



Dividend

Final dividend number 58 of 345 cents per share (2014: 310 cents per share) is declared payable on Monday, 7 March 2016 to ordinary shareholders recorded in the register at the close of business on Friday, 4 March 2016.



Prospects

We are very concerned about the South African economy. The manufacturing and mining sectors have been shrinking for some years now. Partly this is due to low commodity prices for our mineral exports but it is also partly due to policy choices. Wide unemployment, a deteriorating infrastructure and poor governance, despite promises, are not being decisively tackled. If South Africa?s debt is downgraded to junk status the situation will only be exacerbated. Against this background Hudaco remains a well-managed business and will continue to do what it has always done well, which is to manage the things over which it has control, whilst seeking out acquisitions and opportunities for growth.



Until economic circumstances improve we foresee at best only modest organic volume sales growth in South Africa and Africa (although volume sales to mining and manufacturing customers may decline further). Earnings in 2016 should nevertheless be impacted positively by a combination of factors: pricing to replacement on account of the weaker Rand, strict management of the relationship between margins, costs and the level of working capital, continuing growth in our alternative energy businesses, and the contribution from acquisitions. We continue to explore opportunities to acquire good businesses in our chosen markets.
25-Jan-2016
(Official Notice)
The company?s financial results for the year ended 30 November 2014 were severely impacted by a charge for a tax settlement amounting to R312 million, which approximated the company?s earnings for that year. As a result, basic and headline earnings per share for 2014 were only 8 cents and 6 cents respectively, whereas comparable earnings per share, which excluded the impact of the tax settlement, were 986 cents.



Earnings and headline earnings per share for the company?s financial year ended 30 November 2015 have not been similarly impacted by the one-off charge. Basic, headline and comparable earnings per share for the year ended 30 November 2015 are all expected to be within a range of 1140 cents and 1185 cents per share. Comparable earnings per share will, therefore, increase by between 16% and 20%. Because the 2014 basic and headline earnings were so small for the reason set out above, the percentage increases are too large to be meaningful.



Hudaco?s results for the year ended 30 November 2015 will be released on SENS on 29 January 2016.
20-Jan-2016
(Official Notice)
Hudaco has acquired the trading assets and liabilities of All-Trade from 1 January 2016. The final total consideration will depend on the average profits over the two year earn-out period, with an initial payment of R16.0 million and a maximum of R33.0 million.



All-Trade is a distributor of specialised fasteners, including bolts, nuts, screws and other consumables sourced from leading overseas and local suppliers. Its product range complements that of FTS, an established operation, within Hudaco?s Rutherford division, that distributes rivets. In addition, during 2015, Hudaco acquired the trading assets and liabilities of Sanderson. The final total consideration will depend on the average profits over the three year earn-out period, with an initial payment of R20.3 million and a maximum of R45.0 million.



Sanderson is a distributor of specialised engineering and tool steel, including solid, round, square, hexagonal and hollow bar. In addition, Sanderson provides heat treatment at their Johannesburg and Cape Town branches and therefore complements the existing Hudaco business of Ambro Steel, which incorporates Midrand Special Steels and Don Steel.



Both Transactions fall below the threshold of a category 2 transaction which requires disclosure in terms of the JSE Ltd.?s Listing Requirements. However, Hudaco?s Board believes it is appropriate to inform shareholders of the Transactions.
10-Nov-2015
(Official Notice)
26-Jun-2015
(C)
Turnover for the interim period increased by 21% to R2.549 billion (2014: R2.111 billion). Gross profit rose by 23% to R924 million (2014: R753 million), operating profit jumped by 46% to R292 million (2014: R200 million), while profit attributable to shareholders of the group was higher at R173 million (2014: R144 million). Furthermore, headline earnings per share grew by 20% to 548 cents per share (2014: 456 cents per share).



Declaration of interim dividend number 57

Interim dividend number 57 of 180 cents per share is declared payable on Monday, 17 August 2015 to ordinary shareholders recorded in the register at the close of business on Friday, 14 August 2015.



Prospects

South Africa seems to be de - industrialising at an alarming rate with the mining industry also shrinking rapidly. Notwithstanding the substantial shift in Hudaco's exposure away from these markets over the past few years, they remain important sectors for Hudaco and their fortunes still have a significant impact on Hudaco's trading results. Businesses exposed to these markets will have to grind it out until economic conditions improve.



The consumer-related markets (wholesale and retail, automotive aftermarket, communication equipment and batteries), which now account for a much larger portion of Hudaco's business are performing well and increased emphasis will continue to be placed on growing this segment.



Hudaco's business model, which is principally the sale of replacement parts with a high value added component; and its financial characteristics ? high margin and strong cash flows with a limited requirement for investment in fixed assets; allow them to continue to deliver resilient results in this difficult economic environment. Full year 2015 earnings are expected to be well up on 2014 but, given that the first half includes a large communication equipment contract that will not be repeated in the second half, Hudaco will be hard pressed to match the level of increase achieved in these interim results.
22-Jun-2015
(Official Notice)
Shareholders are referred to the trading statement released on SENS on 20 May 2015 in which shareholders were advised that, for the half-year ended 31 May 2015, Hudaco?s comparable earnings per share (?CEPS?) were expected to be at least 30% higher and its headline earnings per share (?HEPS?) and basic earnings per share (?EPS?) at least 20% higher than for the half-year ended 31 May 2014. CEPS, HEPS and EPS were expected to be at least 547 cents (2014: CEPS 416 cents, HEPS and EPS 456 cents) but that the half-year earnings would be dependent on trading results for May 2015 and that a range could not be provided at that stage.



Shareholders are now advised that, for the half-year ended 31 May 2015, Hudaco?s comparable earnings per share (?CEPS?) are expected to be between 30% and 32% higher and its headline earnings per share (?HEPS?) and basic earnings per share (?EPS?) between 20% and 21% higher than for the half-year ended 31 May 2014. CEPS, HEPS and EPS are expected to be between 547 and 550 cents (2014: CEPS 416 cents, HEPS and EPS 456 cents).



Hudaco?s results for the interim period ended 31 May 2015 are expected to be announced on SENS on Friday 26 June 2015.
27-May-2015
(Official Notice)
The board of Hudaco announced the appointment of Nonyameko (Nyami) Mandindi, BSc (Quantity Surveying), (49) as an independent non-executive director of the company with effect from 1 June 2015. She will also serve as a member of the audit and risk management committee.
20-May-2015
(Official Notice)
In terms of the Listings Requirements of the JSE Limited, companies are required to publish a trading statement as soon as they are satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported on next will be more than 20% different from those of the previous corresponding period.



Accordingly, shareholders are advised that, for the half- year ended 31 May 2015, Hudaco?s comparable earnings per share (?CEPS?) are expected to be at least 30% higher and its headline earnings per share (?HEPS?) and basic earnings per share (?EPS?)at least 20% higher than for the half-year ended 31 May 2014. CEPS, HEPS and EPS are expected to be at least 547 cents (2014: CEPS 416 cents, HEPS and EPS 456 cents).



When the board is satisfied that there is a reasonable degree of certainty as to the maximum expected half-year earnings, which are dependent on trading results for May 2015, it will provide guidance in that regard. Hudaco?s results for the interim period ended 31 May 2015 are expected to be announced on SENS on Friday 26 June 2015.



This trading statement has not been reviewed or reported on by Hudaco?s external auditors.
27-Mar-2015
(Official Notice)
Hudaco shareholders are advised that the voting results for the annual general meeting (?the AGM?) held at the registered offices of the Company. All resolutions were passed by the requisite majority of Hudaco shareholders present in person or represented by proxy at the AGM. Shareholders should note that Ordinary Resolution Number 3.2 relating to the election of Mr PC Baloyi as member of the Audit and Risk Management Committee was withdrawn prior to the commencement of the AGM due to Mr Baloyi?s resignation as a director of Hudaco.
19-Mar-2015
(Official Notice)
Paul Baloyi has advised the board that he has invested in a company which competes or has the potential to compete with certain of Hudaco?s businesses. In view of the conflict of interest, he has resigned from the board of Hudaco with immediate effect. The board extends its thanks to him for the contribution he has made during his tenure.
16-Feb-2015
(Official Notice)
Shareholders are advised that a summarised report for the financial year ended 30 November 2014, which includes Hudaco?s abridged financial results, a review of the group?s performance, notice of the annual general meeting, proxy form and other administrative information was posted on 13 February 2015. There have been no changes from the audited abridged report released on 30 January 2015. The full integrated report will be available on the company?s website (www.hudaco.co.za) from 20 February 2015 or on request from the group secretary.



Shareholders are further advised that the annual general meeting of the company will be held at 11:00 on Friday, 27 March 2015 at Hudaco?s corporate offices situated at Building 9, Greenstone Hill Office Park, Emerald Boulevard, Greenstone Hill, Edenvale. The record date for attending and voting at the annual general meeting is Friday, 20 March 2015. The notice of the annual general meeting is contained in both the abovementioned summarised report and the integrated report.

30-Jan-2015
(C)
23-Jan-2015
(Official Notice)
27-Nov-2014
(Official Notice)
Further to the announcement released on the Securities Exchange News Service (SENS) on Thursday, 4 September 2014 regarding the acquisition by Hudaco of the entire issued share capital of Partquip (the Transaction), all suspensive conditions to the Transaction, including the unconditional approval of the Competition Commission, have been fulfilled and the Transaction is now unconditional. The effective date of the Transaction will be 1 December 2014.

04-Sep-2014
(Official Notice)
27-Jun-2014
(C)
Turnover increased by 16% to R2.1 billion (R1.8 billion). Gross profit was up 13% to R753 million (R665 million). Net attributable profit rose to R144 million (R142 million). In addition, headline earnings per share grew by 2% to 456cps (448cps).



Dividend

A gross interim ordinary dividend of 155cps has been declared.



Prospects

There has been a slew of bad news about the South African economy and its prospects. Strikes, ratings downgrades and policy vacillation have undermined business confidence. Hudaco's fortunes are closely tied to the local economy and therefore it must expect a difficult ride as these developments play themselves out. We believe the main economic sectors served by Hudaco, the South African mining industry and the manufacturing and service sectors supporting that industry, will find a new lower level of activity over the next months. Once we have certainty about the size of the new playing field we will assess the appropriate steps required to right size those of our businesses serving those sectors.



The South African economy seems set for a period of no or low growth. As a response, increased emphasis will be placed on sales into markets outside South Africa neighbouring territories for our complete basket of imported products and overseas markets for our own brand locally manufactured gear pumps and electrical plugs and sockets. Fortunately Hudaco's business model principally, the sale of replacement parts; and its financial characteristics high margin and strong cash flows with limited investment in fixed assets; allows it to weather this economic storm and adapt reasonably quickly to changing circumstances.
27-Mar-2014
(Official Notice)
Stephen Connelly, who has been chief executive of Hudaco for 22 years, will retire as an executive director on 30 June 2014. Graham Dunford, currently chief executive of the Bearing and Power Transmission division and who joined Hudaco in 2001, has been appointed chief executive with effect from 1 July 2014. Mr Connelly will serve as a consultant until the end of the 2014 financial year in order to ensure a smooth transition and will remain on the board as a non-executive director thereafter.
27-Mar-2014
(Official Notice)
Shareholders are advised that, at the annual general meeting of Hudaco held at the corporate office of the company, all the resolutions were passed by the requisite majority of shareholders present or represented by proxy apart from resolution number six that was withdrawn.
17-Feb-2014
(Official Notice)
Shareholders are advised that a summarised report for the financial year ended 30 November 2013, which includes Hudaco's abridged financial results, a review of the group's performance, notice of the annual general meeting, proxy form and other administrative information was posted on Friday, 14 February 2014. There have been no changes to the audited preliminary results released on 31 January 2014. The full integrated report is available on the company's website (www.hudaco.co.za) or on request from the group secretary.



AGM announcement

Shareholders are further advised that the annual general meeting of the company will be held at 11:00 on Thursday, 27 March 2014 at Hudaco's corporate offices situated at Building 9, Greenstone Hill Office Park, Emerald Boulevard, Greenstone Hill, Edenvale. The record date for attending and voting at the annual general meeting is Thursday, 20 March 2014. The notice of the annual general meeting is contained in both the abovementioned summarised report and the integrated report.
31-Jan-2014
(C)
12-Dec-2013
(Official Notice)
Shareholders are referred to the announcement released on SENS on 1 November 2013 setting out details of the acquisition by Hudaco of DG and are advised that all suspensive conditions have been met.



Specialised Battery Systems CC ("SBS")

Hudaco has acquired the trading assets and liabilities of SBS. The final total consideration will depend on the average profits over the three year earn-out period, with an initial payment of R32.5m and a maximum of R75m. All suspensive conditions have been met.



SBS is a distributor of imported batteries, used mainly in the standby and solar market.



The Transaction falls below the threshold of a category 2 transaction and accordingly, this announcement is purely for information purposes.
22-Nov-2013
(Official Notice)
Shareholders are referred to the announcement released on SENS on 1 November 2013 ("the terms announcement") setting out details of the acquisition by Hudaco of DG ("the transaction"). The terms announcement disclosed that Hudaco was transacting with a "small related party" as defined by the JSE Listings Requirements and KPMG had been appointed as the independent expert. Hudaco is now in a position to confirm that KPMG have reviewed the terms and conditions of the transaction and are of the opinion that these terms and conditions are fair to Hudaco shareholders. KPMG has expressed this opinion in writing and such opinion is available for inspection at the Company's registered office for a period of 28 days from the date of this announcement.
01-Nov-2013
(Official Notice)
Shareholders are advised that Hudaco has signed an agreement to acquire 100% of DG (the Agreement) from Dunford Holdings Pty Ltd (the Seller) (the Transaction). Hudaco is a South African group of companies specialising in the importation and distribution of selected high quality engineered and security products in the southern African region. One of Hudaco?s key strategies is to apply its strong cash flows to acquire new businesses in similar fields of activity when the opportunity arises.



DG has two main areas of business:

*Machining, repair and sale of hydraulic pumps for the local and export market; and

*Production of ferrous and non-ferrous castings for a diversity of industries in South Africa.



DG is an ideal fit for Hudaco in that it focuses on selling industrial products, which is an area of core competency for Hudaco. Hudaco will be able to utilise its experience and expertise in those markets to enhance DG's position, resulting in long term benefits to shareholders. Furthermore, the GPM brand is owned by the group and therefore can be sold in world markets, unlike the Hudaco products which are restricted to Southern Africa by agency agreements.



Suspensive conditions

The transaction is subject to the following conditions, which are required to be fulfilled by 29 December 2013 at the latest:

*such approvals as may be required in terms of the Competition Act of 1998, as amended;

*the conclusion of a due diligence investigation, the outcome of which satisfies the board of directors of Hudaco;

*written confirmation from an independent expert acceptable to the JSE that the terms of the Transaction with the related party are fair as far as the shareholders of Hudaco are concerned;

*approval from the major suppliers of DG to continue supply on the same terms and conditions as in the past;

*the signing of new lease agreements relating to the properties from which DG operates upon acceptable terms and conditions at market related rentals; and

*any other approvals required by the JSE.
26-Jul-2013
(Official Notice)
The board of Hudaco Industries Ltd announce the appointment of Paul Cambo Baloyi (57) as independent non-executive director of Hudaco Industries Limited?s board with immediate effect. This follows a comprehensive recruitment process.
28-Jun-2013
(Official Notice)
Shareholders are advised that, due to other commitments, Ms DD Mokgatle will be resigning her position as independent non- executive director of the board with effect from 25 October 2013.



28-Jun-2013
(C)
Turnover increased by 14% to R1.8 billion (R1.6 billion). Gross profit was up 8% to R665 million (R613 million). Net attributable profit rose to R142 million (R140 million). In addition, headline earnings per share grew by 2% to 448cps (441cps).



Dividend

A gross interim ordinary dividend of 155cps has been declared.



Outlook

As much as 50% of Hudaco's sales are derived from the South and southern African mining industry and the manufacturing and service sectors supporting that industry. Unfortunately these sectors are experiencing challenging times at the moment. Low commodity prices and insufficient infrastructure, particularly electricity and rail capacity, weigh heavily on the industry. The lack of common objectives for the industry by government, capital and labour is the cause of the current acrimony and, until resolved, acts as a further brake on the sector and a disincentive to investment. Prospects in neighbouring countries are better and it is one of our strategies to grow our presence in these markets. A weak Rand is usually good for Hudaco and our mining customers as they receive more Rands for the commodities they mine so it also usually results in an increase in mining production but this is unlikely at present, given the industry's current travails. Although growth in consumer spending appears to be weakening, our businesses are positioned in niche areas which we believe will continue to perform satisfactorily. Organic earnings growth in the group will continue to be modest under current economic circumstances with any out-performance coming from acquisitions.



09-May-2013
(Official Notice)
Hudaco has acquired the trading assets and liabilities of Three-D. The final total consideration will depend on the average profits over the three year earn-out period, with an initial payment of R21.5 million. The maximum consideration is limited to R28.5 million1.



Three-D is a distributor of specialised cable accessories that are sourced from leading overseas and local suppliers. Its product range complements that of Powermite, an established operation within Hudaco that distributes electrical cables, sockets and industrial plugs. The transaction falls below the threshold of a category 2 transaction and accordingly, this announcement is purely for information purposes.
19-Apr-2013
(Official Notice)
Further to the announcement released on SENS on 28 March 2013, shareholders are advised that, at the adjourned annual general meeting of Hudaco held today, Special resolution number 4 relating to the adoption of a new memorandum of incorporation was passed by the requisite majority of shareholders present or represented by proxy.
28-Mar-2013
(Official Notice)
Shareholders were advised that, at the annual general meeting of Hudaco held at the corporate office of the company today, the following resolutions were passed by the requisite majority of shareholders present or represented by proxy:

*Ordinary resolution numbers 1.1 to 1.3 : re-election of directors retiring by rotation;

*Ordinary resolution numbers 2.1 to 2.3 : appointment of the members of the audit and risk management committee;

*Ordinary resolution number 3 : reappointment of external auditors;

*Ordinary resolution number 4 : ratification of appointment of social and ethics committee;

*Special resolution number 1 : approval of non-executive directors' remuneration;

*Non-binding resolution number 1 : endorsement of Hudaco?s remuneration policy; and

*Ordinary resolution number 5 : signature of documents.



The following resolutions were withdrawn prior to the commencement of the annual general meeting:

*Special resolution number 2 : provision of financial assistance in terms of sections 44 and 45 of the Companies Act; and

*Special resolution number 3 : general authority to repurchase shares.



Adjournment of annual general meeting

The annual general meeting was adjourned prior to the commencement of voting for Special resolution number 4 relating to the adoption of a new memorandum of incorporation to allow the company to amend the memorandum of incorporation to include its executive directors in the directors' rotation.



Shareholders were advised that the annual general meeting has been adjourned to 11:00 on Friday, 19 April 2013 at Hudaco's corporate offices situated at Building 9, Greenstone Hill Office Park, Emerald Boulevard, Greenstone Hill, Edenvale.
28-Feb-2013
(Official Notice)
In a business update released on 12 February 2013, the company advised that a communication was received from SARS regarding Hudaco's BEE transaction. The communication referred to a number of other arrangements that were apparently connected to the BEE transaction, ascertained by SARS from third parties and about which Hudaco had no previous knowledge.



In the light of this information, changes in tax legislation and the fact that SARS had issued revised assessments to Barbara Road Investments (Pty) Ltd. ("BRI"), a subsidiary of Hudaco, BRI has exercised its right to request Cadiz to gross up the dividend on the Cadiz preference shares held by BRI ("the preference shares"). In response thereto, Cadiz has exercised its right to redeem the preference shares instead of grossing up the preference dividend. As a result of the redemption of the preference shares, Morgan Stanley, the existing funder of the BEE transaction, exercised its option to put to BRI the debenture issued by Hudaco Trading (Pty) Ltd. ("Hudaco Trading").



The effect of the restructuring described above, which is effective from 28 February 2013, is that the BEE funding arrangements that were intended to be financed externally until August 2017 are now financed internally by the Hudaco group.



As a result of the restructuring:

*the group statement of financial position will no longer reflect a preference share investment of R2 181m or a subordinated debenture liability of R2 181m;

*the group statement of comprehensive income will no longer reflect preference dividends received of R201m per annum or debenture interest paid of R234m per annum;

*basic earnings and headline earnings will decrease by approximately R33m or 103 cents per share per annum;

*for the financial year ending 30 November 2013, the effect on basic and headline earnings per share is expected to be 77 cents; and

*the BEE shareholders will continue to hold their shares in Hudaco Trading and the BEE credentials of all entities in the Hudaco group will remain intact.
28-Feb-2013
(Official Notice)
Shareholders are advised that the integrated report, including the annual financial statements of the company, was posted on 26 February 2013. There have been no changes to the audited preliminary results released on 1 February 2013. The integrated report is available on the company's website (www.hudaco.co.za).



Shareholders are further advised that the annual general meeting of the company will be held at 11:00 on Thursday 28 March 2013 at Hudaco's corporate offices situated at Building 9, Greenstone Hill Office Park, Emerald Boulevard, Greenstone Hill, Edenvale. The record date for attending and voting at the annual general meeting is Friday 22 March 2013. The notice of the meeting is contained in the abovementioned integrated report.
12-Feb-2013
(Official Notice)
On 31 January 2013, in its announcement of results for the year ended 30 November 2012, Hudaco advised that SARS had indicated that it intended taxing the group on certain aspects flowing from the implementation of its BEE structure. As stated in the announcement, senior counsel indicated that Hudaco's case will stand up to scrutiny. This positive view was expressed even though the communication from SARS referred to other arrangements connected to the structure which were apparently ascertained by SARS from third parties and about which Hudaco previously had no knowledge.



Stakeholders are advised that assessments have now been received from SARS for the financial years 2007 to 2011. Reasons have not yet been provided by SARS but it seems that they are not attacking the BEE transaction itself, but the other arrangements entered into by third parties without Hudaco's knowledge.



The amounts assessed by SARS are as follows: Tax on re-categorised interest imputed on Hudaco - R279 million, tax imputed on Hudaco as it allegedly became entitled to an amount because of the security arrangements - R143 million, impact of STC credits disallowed - R72 million, interest - R446 million, penalties - R987 million. Hudaco is confident of refuting the assessments, will lodge objection thereto and will pursue all appropriate legal remedies, including application for a deferral of payment until the matter has been resolved.
01-Feb-2013
(C)
Turnover increased by 10% to R3.5 billion (R3.2 billion). Gross profit rose 7% to R1.4 billion (R1.3 billion) and operating profit was up 3% to R437 million (R426 million). Net attributable profit increased to R340 million (R325 million). In addition, headline earnings per share grew 5% to 1 071cps (1 024cps).



Dividend

A final ordinary dividend of 310cps has been declared.



Outlook

Trading conditions are expected to remain muted in 2013. The rapid growth in consumer spending over the past few years has fuelled growth in public sector employment followed by above inflation wage increases and the expansion of the social grant programme. Mining expansion waits for a recovery in the major economies of the world and the higher commodity prices that it will bring. Hopefully the infrastructure electricity and rail required to allow the country to capitalise on any recovery will be in place by then. We also hope that the strike action of the last few months will be resolved soon. Pricing is mainly driven by the Rand exchange rate and, given the volatility this year, we make no attempt to guess how it will perform in 2013.



Economic growth in neighbouring countries, however, is expected to remain strong and we are well positioned to take advantage of this. The group is also committed to continuing its successful acquisition strategy. Notwithstanding economic uncertainties the group is in good shape and is well placed for the future.
06-Aug-2012
(Media Comment)
According to Finweek, Hudaco wants to double revenue from the rest of Africa but 2017 to counter sub-par growth of between 2% and 2.5% in South Africa over the next five years. Hudaco's measured revenue from the rest of Africa is presently around 7%, but CEO Stephen Connelly estimates that it could be as high as 10% since mining customers often acquire equipment in South Africa and then transport it to operations in other African countries.
04-Jul-2012
(Official Notice)
Hudaco has acquired the trading assets and liabilities of Deltec for a total consideration of R41.5 million. Deltec is a distributor of imported maintenance free batteries, representing leading brands such as Varta, Global, Forbatt, US Battery and others. The business of Deltec is an ideal fit for Hudaco in that it focuses on selling to the automotive, standby and mining industries, which is an area of core competency for Hudaco. Hudaco will be able to utilise its experience and expertise in these markets to enhance Deltec's position, resulting in long term benefits to shareholders.



Hudaco has also acquired the trading assets and liabilities of Proof. The final total consideration will depend on the average profits over a three year earn-out period, with a maximum of R25 million and an initial payment of R10 million. Proof is a leading supplier of flame and explosion proof cable connectors and explosion proof light fittings, mainly to the mining industry. The business will operate as a division within Powermite, an existing Hudaco business which primarily distributes specialised electric cabling, industrial plugs and sockets and systems to supply electric power to moveable devices.
29-Jun-2012
(C)
Turnover increased by 13% to R1.6 billion (R1.4 billion). Gross profit was up 12% to R613 million (R549 million). Net attributable profit rose to R140 million (R119 million). In addition, headline earnings per share grew by 17% to 441c (377cps).



Dividend

A gross interim ordinary dividend of 155cps has been declared.



Outlook

A significant percentage of Hudaco's sales are derived from the South and southern African mining industry and the manufacturing and service sectors supporting that industry. Constrained by insufficient infrastructure, particularly electricity and rail capacity, and policy uncertainty, mining investment in South Africa has stagnated over the past ten years with some observers (including the DTI) arguing that the country is de-industrialising. Mining investment in neighbouring countries is growing strongly however, albeit off a low base, and Hudaco will continue to look beyond South Africa's borders for organic sales growth.



Hudaco anticipates that economic growth in South Africa will continue to remain weak over the next few years until new infrastructure comes on stream and a policy environment is created which encourages private sector investment. Although achieving meaningful earnings growth in such an environment is challenging, the group's acquisition programme will continue to supplement earnings. Hudaco expects further successes in the months ahead management is confident about future earnings prospects.
13-Jun-2012
(Official Notice)
Hudaco has acquired the trading assets and liabilities of Keymak. The final total consideration will depend on the average profits over a three year earn-out period, with a maximum of R112 million and an initial payment of R52 million. Keymak is a manufacturer and distributor of specialised PVC flexible hose, mainly for the mining industry. These hoses are manufactured in line with SABS 1086 standard and comply with the stringent requirements of the mines. Keymak is an ideal fit for Hudaco and strongly complements the business of Astore Africa, an established operation within Hudaco that distributes specialised plastic pipes and pipe fittings for several industries, including the mining industry. Keymak will operate as a separate business but will seek synergies with Astore Africa.
22-Mar-2012
(Official Notice)
Shareholders are advised that, at the annual general meeting of Hudaco held at the corporate office of the company today, all the resolutions were passed by the requisite majority of shareholders present or represented by proxy.
20-Feb-2012
(Official Notice)
Shareholders are advised that the annual financial statements of the company were posted on Monday 20 February 2012. There have been no changes to the audited preliminary results published on 27 January 2012. Shareholders are advised that the annual general meeting of the company will be held at 11:00 on Thursday 22 March 2012 in the boardroom, at Hudaco's offices situated at Building 9, Greenstone Hill Office Park, Emerald Boulevard, Greenstone Hill, Edenvale.
14-Oct-2011
(Official Notice)
Shareholders are advised that after 10 years of dedicated service to Hudaco, Ms N Molefi will be resigning her position as independent non-executive director of the board with effect from 27 October 2011.
27-Jul-2011
(Official Notice)
Shareholders are advised that on reaching the company's retirement age, Mr Graham Gardiner will be retiring as executive director at the end of July 2011.

14-Jul-2011
(Media Comment)
According to The Financial Mail, Hudaco is using tough economic times to expand through acquisitions and keep its bottom line growing. Hudaco CEO Steve Connelly said because the firm is so closely linked to mining and growth has been brought to a virtual standstill in the sector, he cannot see any meaningful improvement over the next three to five years. So, instead of returning surplus cash to shareholders Hudaco made its first acquisition in September 2010. The acquisition helped sales to increase by 26% to R1.4 billion for the first half of 2009/2010 and boosted operating profit by 26% to R163 million. As a result of the success of the acquisition the company is planning more. Connelly also commented that Hudaco's balance sheet can support an extra R400 million in acquisitions. RMB Small/Mid-Cap Fund Manager, Evan Walker, seems to agree with Hudaco's acquisitive strategy, and believes that the company is an attractive proposition.
29-Jun-2011
(C)
Revenue for the six months ended 31 May 2011 went up by 26% to R1.4 billion (2010: R1.1 billion) and gross profit rose by 23% to R549 million (2010: R447 million). Operating profit grew by 24% to R149 million (2010: R120 million), with an operating margin to sales of 10.6% (2010: 10.8%). Net profit attributable to ordinary shareholders of the group increased by 11% to R119 million (2010: R107 million), while headline earnings per share also improved by 11% to 377cps (2010: 341cps).



Dividend

Ordinary interim dividend number 49 of 130cps has been declared.



Prospects

A significant percentage of Hudaco's sales are derived from the South and southern African mining industry, and the manufacturing and service sectors supporting that industry. Constrained by insufficient infrastructure, particularly electricity and rail capacity, South African mining houses have been unable to expand to take advantage of high commodity prices over the past five or so years. It will still be some years before infrastructural capacity is increased sufficiently, so the group anticipates only muted growth from this sector until then. The group would urge Government to use this time to settle the debate around nationalisation which, if not resolved, could also become a deterrent to investment. With the mining industry being a significant engine of growth for the South African economy as a whole, for the reasons above, the company anticipates that economic growth is likely to continue to be weak over the next few years. If this is the case, meaningful earnings growth must come from acquisitions and the successes the group has already enjoyed over the last year will add materially to earnings in the medium term. Although the prospect list is shorter now than last year, the group is confident of further successes in the years to come.
25-Mar-2011
(Official Notice)
Shareholders are referred to the voluntary terms announcement released on SENS and published in the Business Day on 7 February 2011 wherein Hudaco announced the acquisition of the trading assets and liabilities of Pentagon subject to certain suspensive conditions. Shareholders are advised that all of the suspensive conditions have been met.
24-Mar-2011
(Official Notice)
Shareholders are advised that, at the annual general meeting of Hudaco held at the corporate office of the company, all the resolutions were passed by the requisite majority of shareholders present or represented by proxy. The special resolution will be registered with the Companies and Intellectual Property Registration Office in due course.



Changes to the board of directors

In compliance with section 3.59 of the JSE Limited Listings Requirements, shareholders are advised that Mesdames D Naidoo and D Mokgatle have been appointed as independent non-executive directors of Hudaco with immediate effect. Ms CWN Molope and Mr JB Gibbon both retired at the annual general meeting.

02-Mar-2011
(Official Notice)
Shareholders are referred to the detailed terms announcement released on SENS on 19 November 2010 and published in the press on 22 November 2010 wherein Hudaco announced the acquisition of the trading assets and liabilities of Global subject to the following suspensive conditions:

* approval of the transaction by the relevant Competition Authorities;

* the satisfactory due diligence of the business of Global;

* consent by the major suppliers of Global to continue their supply arrangements;

* approval of the transaction by the Hudaco board of directors;

* conclusion of service agreements and restraint of trade agreements by Global's major shareholders; and

* the transfer of the lease over Global's property in Pretoria.

Shareholders are advised that all of the suspensive conditions have been met.
24-Feb-2011
(Official Notice)
Shareholders are advised that the Annual Financial Statements of the company were posted on Monday, 21 February 2011. There have been no changes to the audited preliminary results published on 28 January 2011.



Shareholders are advised that the Annual General Meeting of the company will be held at 11:00 on Thursday, 24 March 2011 in the boardroom, at Hudaco's new corporate offices situated at Greenstone Hill Office Park, Building 9, Emerald Boulevard, Greenstone Hill, Edenvale. The notice of the meeting is contained in the abovementioned Annual Financial Statements
07-Feb-2011
(Official Notice)
Further to the information set out in the annual results announcement of Hudaco Industries Ltd on 31 January 2011, we provide the following details regarding the acquisition of Pentagon. Hudaco has signed binding heads of agreement to acquire the trading assets and liabilities of Pentagon from 1 March 2011, subject to certain suspensive conditions which are expected to be fulfilled before this date. Pentagon is an electronic security distributor and video internet protocol specialist providing turnkey security solutions for building management focussing on closed-circuit television (CCTV) products. Typical installations are shopping centres, urban surveillance, estates, institutions, prisons and mines. Products offered include CCTV, public address evacuation systems, intrusion and access control, all sourced from leading international producers such as Bosch, Arecont and Dell. The business of Pentagon is an ideal fit for Hudaco and strongly complements the business of Elvey Security Technologies, an established division within Hudaco that distributes security equipment, mainly intruder detection and access control products. Pentagon will operate as a separate division of Elvey Security Technologies. The transaction falls below the threshold of a category 2 transaction, and accordingly this announcement is purely for information purposes.
28-Jan-2011
(C)
Revenue for the year ended November 2010 rose to R2.5 billion (R2.4 billion) and gross profit grew to R994 million (R951 million). However, operating profit fell to R300 million (R307 million), while profit attributable to ordinary shareholders also dropped to R234 million (R243 million). Furthermore, headline earnings per share decreased marginally to 800cps (801cps).



Dividend

An ordinary dividend number 48 of 235 cents per share has been declared for the year.



Prospects

Most South African economic indicators have now turned upwards and it appears that a weak recovery from the international economic crisis is underway. World economies, upon which South Africa depends as markets for exports, are split into two camps. The old established economies of Europe, Japan and the USA are recovering thanks only to government intervention. The road to a full economic recovery in these areas is unlikely to be smooth and there will be inevitable economic shocks. How they are dealt with will determine whether those economies continue to recover or slip back into recession. Newer, emerging economies are already growing strongly and underpinning the demand for commodities. Hopefully, South African miners will be able to take advantage of the increased demand and higher prices this time round. Rand strength deprives our exporters of much of the benefit of higher commodity prices. For Hudaco, it has meant that higher volume sales this year were offset by lower prices and therefore did not translate into higher sales and earnings. 2011 may see more of the same - hopefully not to the same extent. Firmer trading conditions as the 2010 financial year came to a close and signs that the mining industry is starting to invest once more gives the company the confidence that volume sales will increase again in 2011. This will be supplemented by contributions from newly acquired businesses, particularly FHS, which will be consolidated for the full twelve months of 2011. As long as the Rand does not strengthen further this should translate into an increase in earnings in 2011.
03 Dec 2010 17:03:23
(Official Notice)
Hudaco shareholders are referred to the cautionary announcement dated 21 October 2010, advising that the board of directors of Hudaco had received an expression of interest which may lead to an offer being made to acquire the entire issued share capital of Hudaco. Specific deadlines pertaining to the expression of interest have lapsed therefore if any offer is to be made, it will have to be on the basis of a new expression of interest. Accordingly, shareholders are advised that they are no longer required to exercise caution when dealing in the company's securities.
19 Nov 2010 15:20:18
(Official Notice)
21 Oct 2010 14:35:14
(Official Notice)
The board of directors of Hudaco ("the board") has received an expression of interest which may lead to an offer being made to acquire the entire issued share capital of Hudaco. The board has formed a sub-committee of independent directors to ensure appropriate governance throughout any ensuing process and to consider any possible offer that may be forthcoming. Shareholders are therefore advised to exercise caution when dealing in their shares until a further announcement is made.

10 Sep 2010 10:00:52
(Official Notice)
Shareholders are referred to the announcement released on SENS on 23 June 2010 wherein Hudaco announced the acquisition of Filter and Hose Solutions (Pty) Ltd ("FHS") ("the transaction") subject to the following suspensive conditions:

*approval of the transaction by the relevant Competition Authorities;

*the satisfactory due diligence of the business of FHS;

*consent by the major suppliers of FHS to continue their supply arrangements; and

*the transfer of the lease over FHS's property in Boksburg.



Shareholders are advised that all of the suspensive conditions have been met.
19 Jul 2010 08:46:48
(C)
Turnover for the interim period ended 31 May 2010 decreased by 5% to R1 116 million (2009: R1 176 million) . Gross profit was slightly lower at R447 million (2009: R450 million), while operating profit fell by 9% to R120 million (2009: R132 million) . Profit attributable to shareholders of the group stayed the same compared to the previous period at R107 million (2009: R107 million). Furthermore, headline earnings per share decreased to 341cps (2009: 346cps).



Dividend

An interim dividend of 115 cents per share was declared.



Prospects

Growing the business in the current economic environment is a frustrating challenge. A lack of growth in the main customer base, mining and manufacturing, makes it difficult, if not impossible, to grow the existing businesses. Changes in market shares in the product range happen very slowly given customer loyalty to brands, so growth from effort in that direction is often not immediately apparent. Earnings growth in a weak economy must come from acquisitions and FHS represents a welcome addition to group activities this year. The unexpected sharp sales decline in May 2010 which has continued into June and July, makes it difficult to predict the group's earnings performance for the full financial year. It is too early to tell whether this sudden slump is due to temporary lower economic activity during the carnival atmosphere of the World Cup or the beginnings of another recession (a so-called double dip). If the current weakness in sales persists it will be hard to achieve earnings growth this year. However, just as the group's reliance on GDP spending shielded it from the full impact of the recession in 2009, so the group will remain strong through the current second round of uncertainty in world and local markets. The longer-term view is that a meaningful resumption in broad based economic growth in South Africa is unlikely before the second half of 2011.
23 Jun 2010 14:07:11
(Official Notice)
Shareholders are advised that Hudaco has entered into a binding Heads of Agreement with Corvest 6 (Pty) Ltd and Shalamuka Capital (Pty) Ltd("the Sellers") as well as Messrs M Peterson, B Fieldgate, P Venter, F Venter and J van Zyl ("the management Sellers") to acquire 100% of the issued share capital and shareholders` loans of FHS with effect from 1 September 2010 ("the transaction").



Hudaco is a South African group of companies specialising in the importation and distribution of selected high quality engineered and security products in the southern African region. One of Hudaco's key strategies is to apply its strong cash flows to acquire new businesses in similar fields of activity when the opportunity arises. FHS imports, purchases and distributes quality branded filter products used in open cast mining and other earthmoving equipment in southern Africa. FHS employs 110 people in a single location and generates sales of R220 million per annum. The business of FHS is an ideal fit for Hudaco in that it focuses on selling branded consumables to the engineering aftermarket, which is an area of core competency for Hudaco. Hudaco will be able to utilise its experience and expertise in that market to enhance FHS's position, resulting in long term benefits to shareholders.



The purchase consideration will be a multiple of the average profit after tax (but before interest received) of FHS for the three years ending 31 August 2013, subject to a maximum consideration of R350 million, settled out of Hudaco's available cash resources as follows:

*An initial amount of R182 million payable in cash on 1 September 2010.

*Three tranches payable in cash on 31 October 2011, 2012 and 2013, based on actual levels of average profitability achieved in each of those years. If the business grows profits at 12% per annum, the total consideration will be R272 million.



The transaction is conditional upon the following:

*Such approvals as may be required by the Competition Authorities;

*Satisfactory due diligence of the business of FHS.

*Consent by the major suppliers of FHS to continue their supply arrangements.

*Transfer of the lease over FHS's property in Boksburg.

26 Mar 2010 13:34:03
(Official Notice)
Shareholders were advised that, at the annual general meeting of Hudaco held at the registered office of the company, all the resolutions were passed by the requisite majority of shareholders present or represented by proxy. The special resolution will be registered with the companies and intellectual property registration office in due course.
04 Mar 2010 12:56:34
(Official Notice)
Shareholders are advised that the annual financial statements of the company were posted on Friday 19 February 2010. There have been no changes to the preliminary results published on 29 January 2010. Shareholders are advised that the annual general meeting of the company will be held at 11:00 on Friday 26 March 2010 at the registered office of the company in the boardroom, Hudaco Park, 190 Barbara Road, Elandsfontein. The notice of the meeting is contained in the abovementioned annual financial statements.
04 Feb 2010 10:02:17
(Media Comment)
According to Financial Mail, Hudaco, an importer and distributor of engineered consumable products, says its exposure to the infrastructure sector was insufficient to outweigh the broader decline. The company expects renewed investment in both mining and manufacturing to be slow. CEO Stephen Connelly says government work makes up a mere 10% of the company's total sales, however remains optimistic. Government infrastructure spending is expected to rise, while re-stocking and fixed investment in the private sector are also expected to gain pace. Hudaco recently celebrated its 25th year listing as a JSE listed company.
29 Jan 2010 07:48:09
(C)
27 Jan 2010 08:06:17
(Official Notice)
Hudaco advised shareholders that, on the basis of trading results for the first ten months, the company was expecting earnings per share, headline earnings per share and normalized earnings per share for its financial year ending 30 November 2009 to decline between 20% and 30% compared with the previous financial year. Shareholders are advised that results are better than expected and that earnings per share, headline earnings per share and normalized earnings per share are expected to be between 15% and 22% lower than in the previous financial year.
23 Oct 2009 16:33:08
(Official Notice)
On the basis of trading results for the first ten months, Hudaco shareholders are advised that for its financial year ending 30 November 2009, the company is expecting earnings per share, headline earnings per share and normalized earnings per share to decline between 20% and 30% compared with the previous financial year. This decline is as a result of difficult trading conditions in the current economic climate, combined with the effects of a strong rand. Turnover is forecast to be about 15% lower than last year, whilst operating expenses have been contained at 2008 levels. Stock levels will have been managed down by about R100 million over the year, which will result in substantial cash balances at year end. debtors' collection periods have remained unchanged.
29 Jun 2009 09:12:54
(Media Comment)
Hudaco, the industrial and automotive consumable products distributor, has avoided retrenchments despite it's businesses being severely knocked in the six months to May by the economic recession. Group turnover declined by 4 percent to R1.18 billion from R1.23 billion in the previous corresponding period. Operating profit fell by 16% to R132 million. There were no retrenchments in the first half and none were on it's planning horizon. It has about 2 500 employees.
26 Jun 2009 12:57:09
(C)
Revenue decreased from R1 230 million to R1 176 million in 2009. Gross profit decreased to R450 million (2008:R469 million) and operating profit decreased to R132 million (2008:R158 million). Profit attributable to ordinary shareholders decreased to R107 million (R113 million). Headline earnings on a per share basis decreased to 346cps (366cps).



Dividends per share

A interim dividend of 115cps was declared for the period under review.



Prospects

Demand for Hudaco's fairly diversified range of products appears to have stabilised since February this year. The month of April, as already mentioned however, was a notable exception. The possibility of a further downturn in demand is still real although its likelihood recedes as time passes. Volume sales could recover somewhat in the second half as spending on South Africa's infrastructure continues and there is a limit to how much our customers can continue to strip non-operational equipment for spare parts. The strong Rand may however act as an offsetting force. It is highly unlikely that sales will recover sufficiently to enable the group to match last year?s earnings performance. In the medium term we remain confident that once the current economic crisis has passed, demand fundamentals will support a resumption in economic growth. The timing of such recovery is an open question.
30 Mar 2009 16:38:31
(Official Notice)
The directors of Hudaco are pleased to advise that Mrs Reana Wolmarans has been appointed as Hudaco's company secretary with effect from 4 May 2009, replacing Mr Mzolisi Nkumanda who has resigned.
26 Mar 2009 16:37:06
(Official Notice)
Shareholders are advised that, at the annual general meeting of Hudaco held at the registered office of the company all the resolutions were passed by the requisite majority of shareholders. The special resolution will be submitted for registration at the registrar of companies in due course.
05 Mar 2009 17:23:18
(Official Notice)
Hudaco Industries Ltd is pleased to advise that Mr Clifford Amoils CA (SA) will join the group as Group Financial Director in July or August this year. He will succeed Mr Peter Poole who retires in July 2009.
18 Feb 2009 14:51:08
(Official Notice)
Shareholders are advised that the annual general meeting of the members of Hudaco will be held at 11h00 on Thursday, 26 March 2009 at Hudaco Park, 190 Barbara Road, Elandsfontein, Gauteng to transact the business as stated in the notice of the annual general meeting forming part of the annual report of Hudaco.
30 Jan 2009 09:17:03
(C)
Sales of R2.7billion for the period 30 Nov 2008 up 24% on prior year (2007: R2.2 billion). Operating profit increased 34% to R427 million (2007:318 million). Headline earnings per share for 2008: 964 cents per share (2007: 605 cents per share).



Dividends

A final dividend has been declared of 270 cents per share for the year ended 30 November 2008. (2007: 195 cents per share)



Prospects

The South African economy will not escape the backwash from the turmoil affecting most world markets and, with the sharp decline in commodity prices, there have already been announcements cancelling or postponing investments in mining projects. The group's reliance on GDP spending shields it to a degree from such events but trading conditions are expected to be more difficult for Hudaco in 2009. Appropriate measures to deal with a mild business correction were put in place in October 2008, including deferring decisions on expansion and acquisitions, until we can evaluate the impact of the financial crisis on our markets. Orders on suppliers have not yet been adjusted downwards since demand through to year-end was reasonably strong. If demand does decline in 2009 it may be that the group will be overstocked for a period of time, something that can easily be coped with given the strong balance sheet. Medium term, that is to say beyond the current financial crisis, prospects are sound. Spending on South Africa's infrastructure is underway and demand fundamentals support some investment in mining projects, particularly coal. We believe that overall economic growth, driven by investment spending, will resume once this crisis has passed and will continue for some years. It is difficult, if not impossible, to predict the group's earnings performance in 2009. The business is strong and will survive this crisis. Although margins could come under pressure we believe the group's exposure to predominantly GDP spending and the weaker rand will allow it to continue to achieve attractive returns for shareholders.
16 Jan 2009 11:04:34
(Official Notice)
Shareholders are advised that Mr Peter Poole has given notice that he will retire as the Group Financial Director in July 2009.
12 Jan 2009 12:47:19
(Official Notice)
Shareholders are advised that Mr Stewart Morris and Ms Nosipho Molope have been appointed as non-executive directors of Hudaco with effect from 12 January 2009.
18 Dec 2008 15:34:42
(Official Notice)
Hudaco announces that it expects normalised headline earnings per share for the year ended 30 November 2008 to be between 30% and 35% higher than the 750 cents per share reported for the year ended November 2007.

Both basic and headline earnings per share for the year ended 30 November 2008 are expected to be 50% to 60% higher than the 605 cents reported for the corresponding period in 2007.

This trading statement has not been reviewed or reported on by Hudaco' independent auditors and is based on unaudited information available at the time of publication.

Hudaco's audited results for the year ended 30 November 2008 are expected to be published on or about 30 January 2009.
25 Nov 2008 16:42:45
(Official Notice)
Mr Mzolisi Nkumanda has resigned as the company secretary of Hudaco with effect from 28 February 2009.
27 Jun 2008 12:56:19
(C)
Sales of R1.2 billion for the half year are up 24% on prior year (2007: R1.0). Operating profit increased 50% to R92 million. Headline earnings per share of 366 cents are up 43% on last year (2007: 255 cents). Normalised headline earnings per share, which excludes a fair value adjustment of R10 million which has been raised to recognise costs to be incurred in closing or rationalising a number of branch outlets, are 400 cents, up 57% on last year (2007: 255 cents).



Dividends

The interim dividend has been increased by 100% to 130 cents (2007: 65 cents).



Prospects

Growth prospects in the medium term remain good. Infrastructural spending looks set to continue and perhaps accelerate. High commodity prices and electricity demand continues to support ongoing investment in mining projects. Thus, economic growth driven by investment spending looks set to continue for the foreseeable future. Prospects for making acquisitions at more reasonable prices than the recent past also look brighter. Growth in the consumer side of the economy is weak and could weaken further but Hudaco`s exposure to this segment of the economy is relatively limited. Normalised earnings per share for the full year will not grow at the same pace as the 57% of the first half mainly because the initial earning enhancement feature of the group?s BEE transaction was largely already in last year?s second half results. Nevertheless earnings for the full 2008 financial year are expected to be well ahead of last year.
18 Jun 2008 12:52:34
(Official Notice)
Hudaco announces that it expects normalised headline earnings per share for the half year ended 31 May 2008 to be 55% to 60% higher than the 255c reported for the corresponding period in 2007. Both basic and headline earnings per share are expected to be 40% to 45% higher than the 255c reported for the corresponding period in 2007. This trading statement has not been reviewed or reported on by Hudaco's independent auditors and is based on information available at the time of publication. Hudaco's unaudited results for the half year ended 31 May 2008 are expected to be published on Sens on or about Friday 27 June 2008.
20 Mar 2008 14:53:28
(Official Notice)
Shareholders are advised that, at the annual general meeting of Hudaco held at the registered office of the company, all the resolutions were passed by the requisite majority of shareholders, except for ordinary resolution number 4 relating to the placement of certain unissued shares under the control of the directors, which was withdrawn prior to the annual general meeting. The special resolution will be submitted for registration at the Registrar of Companies in due course.
22 Feb 2008 15:38:46
(Official Notice)
Further to Hudaco's audited results for the year ended 30 November 2007, published on 1 February 2008, the annual report was posted to shareholders today. The annual report contains no modifications to the aforementioned published audited results.



Annual general meeting

The annual general meeting of the members of Hudaco will be held at 11h00 on Thursday, 20 March 2008 at Hudaco Park, 190 Barbara Road, Elandsfontein, Gauteng to transact the business as stated in the notice of the annual general meeting forming part of the annual report.
01 Feb 2008 10:47:20
(Official Notice)
Shareholders are advised that Peter Campbell will be stepping down as chairman of the board after the annual general meeting on the 18 March 2008, having reached the age of 70. Royden Vice, who joined the board in June 2007, will take over as chairman. Peter Campbell will continue to serve on the board as non-executive director to provide continuity until the 2009 AGM.
01 Feb 2008 10:34:38
(C)
Total sales of R2.23 billion for the year are up 21% on 2006. It is estimated that half of this increase was volume and the other half price. All businesses achieved an increase in volume sales. The group gross profit margin, at 37.9%, was the same as 2006. Although expenses as a percentage of sales reduced from 25.2% to 23.6%, above-inflationary pressure is again being felt on rental costs as leases are renewed because of the increase in commercial property values and on salaries, particularly of technically skilled personnel as their scarcity grows. Group operating profit rose by 36% or R84 million to R318 million, with an operating margin to sales of 14.3% (12.7%). Headline earnings per share of 604c are up 14% on last year.



Dividend

A final dividend of 195cps had been declared in respect of the year ended 30 November 2007.



Prospects

The group has good medium term prospects. Spending on South Africa's infrastructure is now underway and high commodity prices support continued investment in mining projects. Although the effect of electricity supply interruptions on economic growth is not known and will not be known for some time, investment spending looks set to continue for some years into the future. This will benefit local manufacturers and construction companies, key customers for Hudaco's product offering. Growth in the consumer side of the economy appears to be weakening but with fixed investment comes job creation which will ultimately support activity in this sector. Using normalised 2007 earnings per share of R7.50 as the base, earnings growth in 2008 is unlikely to match the 41% growth enjoyed this year. Weaker consumer spending will impact on the group's outboard motor and security product businesses. However, unless electricity supply problems materially disrupt business activities, expected strong volume sales growth in Hudaco's bearings and transmission and diesel engine businesses will result in another successful year.
03 Jul 2006 10:00:20
(C)
17 May 2006 11:59:18
(Official Notice)
Shareholders are advised that, at the general meeting of Hudaco held at the registered office of the company today, all the resolutions relating to the adoption of The Hudaco Industries Ltd Share Appreciation Plan were passed by the requisite majority of shareholders.
07 Apr 2006 15:26:02
(Official Notice)
Shareholders are advised that Mr Peter Joubert, non-executive director of Hudaco, did not make himself available for re-election at the annual general meeting of Hudaco and has retired from the board of directors of Hudaco with immediate effect.
23 Mar 2006 14:29:57
(Official Notice)
Shareholders are advised that, at the annual general meeting of Hudaco held at the registered office of the company today, all the resolutions were passed by the requisite majority of shareholders.
17 Mar 2006 09:11:57
(Official Notice)
Shareholders are referred to the circular dated 8 March 2006 relating to the adoption of a new share incentive plan. Certain technical issues have arisen relating to the treatment of shares previously issued under the existing share incentive scheme and therefore also to the calculation of the number of shares available under the new plan. As a result the circular is withdrawn and the general meeting convened to be held after the annual general meeting on Thursday morning, 23 March 2006 is cancelled. A revised circular containing a notice convening a general meeting to adopt the new plan will be posted to shareholders in due course.
17 Feb 2006 12:03:19
(Official Notice)
Further to Hudaco's audited results for the year ended 30 November 2005, published on 30 January 2006, the annual report was posted to shareholders on 17 February 2006 and contains no modifications to the published audited results. The annual general meeting would be held at 11h00 on Thursday, 23 March 2006 at Hudaco Park, 190 Barbara Road, Elandsfontein, Gauteng
30 Jan 2006 09:02:38
(C)
Total sales increased by 7% to R1.55 billion. Sales in continuing businesses are up 5%. Acquisitions added R118 million or 8% to sales offsetting the R91 million in sales lost from businesses discontinued in 2004. Operating profit is up 13% to R183 million with most of this increase coming from the acquisition of the Powermite group and Ekurhuleni Bearings and Seals. Net interest received was lower at R4 million (last year R6 million) and the tax rate before capital items declined 1% after the rate cut. Headline earnings per share increased 12% to 415c. A final dividend of 102c per share has been declared bringing total dividends this year to 144c per share, an increase of 13%.



The balance sheet is healthy. Working capital (inventories, accounts receivable and accounts payable) at R364 million is R95 million above 2004 levels of which R47 million is from acquisitions. The balance of the increase is from normal business demands although, due to lower sales than expected, stock levels are about R25 million higher than ideal. Net cash on hand (cash balances less interest bearing debt) at year-end is R182 million, slightly down on last year notwithstanding cash outlays of R59 million on acquisitions.



Prospects

Over the next few years the South African economy could be entering a particularly prosperous period. It appears that spending on infrastructure is about to get underway and if high Rand commodity prices are sustained and certainty is reached on various regulatory issues, an upsurge in mining investment will take place. This would spin off to manufacturers supporting that industry whilst the consumer side of the economy should remain strong as employment levels pick up.



Provided the Rand exchange rate does not strengthen significantly, sales levels in the Bearings and Power Transmission businesses can be expected improve steadily in 2006 and accelerate rapidly from 2007, whilst sales levels in the Powered Products and Security Equipment businesses should remain strong. Hudaco's earnings could be expected to grow modestly in 2006 but more rapidly thereafter.
30 Jun 2005 08:45:41
(C)
Demand from mining and manufacturing customers was weak in the early part of the year but picked up noticeably in April and May after the rand weakened. Other markets served benefited from improved demand throughout the period although selling prices were lower than last year in all businesses. Group sales at R705m (R678m) were up 4% of which continuing operations contributed an increase of 1.8% despite lower selling prices. The operating profit margin improved to 9.6% from 8.4% last year mainly as a result of the elimination of the Hudaco Friction operating loss.



Headline earnings per share benefited from the aforementioned corporate activities and rose a satisfactory 20% to 151cps (126.5cps). An interim dividend number 36 of 42cps has been declared in respect of the six months ended 31 May 2005.



Prospects

If the recent rand weakness is sustained, demand from mining and manufacturing customers could improve further in the remainder of the year. Together with the ongoing robust demand in the other areas of our business this should result in a satisfactory increase in headline earnings per share in 2005. The acquisition programme remains a priority. Although asking prices have hardened, opportunities can still be found and a number are currently being evaluated.

23 Jun 2005 10:29:13
(Official Notice)
Shareholders are referred to the announcement dated 23 March 2005 in which it was mentioned that Hudaco had acquired the Powermite businesses (`the transaction`) with effect from 1 December 2004 subject to certain suspensive conditions, which have now been met. The transaction is therefore unconditional. Shareholders are further advised that the consolidated financial results for the interim period ended 31 May 2005, which are to be published on or about 30 June 2005, will include the Powermite businesses from 1 December 2004.
26-Jul-2018
(X)
Hudaco Industries is a South African group specialising in the importation and distribution of high-quality branded automotive, industrial and electronic consumable products, mainly in the southern African region. Hudaco businesses serve markets that fall into two primary categories. The automotive aftermarket, power tool, battery, security and communication equipment businesses supply products into markets with a bias towards consumer spending. The mechanical and electrical power transmission, diesel engine, hydraulics and pneumatics, steel, thermoplastic fittings and bearings businesses supply engineering consumables mainly to mining and manufacturing customers.


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