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Updated trading statement for the six months ended 31 December 2022
OUTSURANCE GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2010/005770/06
ISIN: ZAE000314084
Share code: OUT
("OGL" or "the group")
VOLUNTARY TRADING UPDATE FOR OUTSURANCE HOLDINGS LIMITED AND UPDATED TRADING
STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
Shareholders are referred to the voluntary trading update for OUTsurance
Holdings Limited (OHL) and trading statement for the six months ended
31 December 2022 for OGL released on the Stock Exchange News Service (SENS)
on 26 January 2023, where it was noted that a further trading statement will
be released on SENS as soon as OGL has reasonable certainty on the ranges of
the expected earnings per share (EPS), headline earnings per share (HEPS)
and normalised earnings per share (NEPS) for the current period.
VOLUNTARY TRADING UPDATE FOR OUTSURANCE HOLDINGS LIMITED
Shareholders are advised that normalised earnings for OHL is expected to
increase by between 31% and 41% for the six-month period ended 31 December
2022 compared to the comparative period.
UPDATED TRADING STATEMENT FOR OUTSURANCE GROUP LIMITED
As explained in the SENS announcement released on 26 January 2023, the
earnings from discontinued operations in the comparative period included the
associate earnings related to the historic interests held in Hastings,
Discovery and Momentum Metropolitan, as well as the profit on sale of
Hastings. In respect of continuing operations, the financial results of the
comparative period included funding costs which did not recur in the current
period, as all the group’s preference share debt was repaid in December 2021
from the proceeds of the sale of Hastings.
The following guidance is provided to OGL shareholders regarding the group’s
expected earnings from continuing operations for the six months ended
31 December 2022:
Reported
six months Guidance for the six months ended
ended 31 December 2022
31 December
2021 Expected Expected range
(cents) % increase (cents)
Continuing operations
NEPS 48.4 73% to 83% 83.7 to 88.6
HEPS 35.0 142% to 152% 84.7 to 88.2
EPS 36.5 139% to 149% 87.2 to 90.9
The following guidance is provided to OGL shareholders regarding the group’s
expected earnings from continuing and discontinued operations for the six
months ended 31 December 2022:
Reported
six months Guidance for the six months ended
ended 31 December 2022
31 December
2021 Expected Expected range
(cents) % decrease (cents)
Continuing and discontinued operations
NEPS 125.5 (26%) to (36%) 80.3 to 92.9
HEPS 109.8 (16%) to (26%) 81.3 to 92.2
EPS 410.9 (73%) to (83%) 69.9 to 110.9
OGL regards normalised earnings (which excludes non-operational items and
accounting anomalies) as the key indicator of the group’s operational
performance.
The financial information on which this trading statement is based has not
been reviewed and reported on by the group’s external auditor.
OGL’s financial results for the six months ended 31 December 2022 are expected
to be released on SENS on Wednesday, 22 March 2023.
Centurion
9 March 2023
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 09-03-2023 08:36:00
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