WORKFORCE HOLDINGS LIMITED - Trading Statement

Trading Statement

Workforce Holdings Limited
Incorporated in the Republic of South Africa
(Registration number 2006/018145/06)
Share code: WKF ISIN: ZAE000087847
(“Workforce” or “the Company”)


TRADING STATEMENT


In terms of the Listings Requirements of JSE Limited, companies are required to publish a trading
statement as soon as they become reasonably certain that the financial results for the period to
be reported on will differ by more than 20% from that of the previous corresponding period.

Accordingly, a review by management of the financial results for the six months ended
30 June 2020 has indicated that:

-    the loss per share is expected to be between -7.58 cents and -9.43 cents, compared to the
     earnings per share of 18.5 cents for the six months ended 30 June 2019;

-    the headline loss per share is expected to be between -7.57 cents and -9.43 cents,
     compared to the headline earnings per share of 18.6 cents for the six months ended
     30 June 2019; and

-    the earnings per share, excluding the impact of impairments recognised, is expected to be
     between 9.63 cents and 7.78 cents, reflecting a decrease of between -48% and -58%
     compared to the earnings per share of 18.5 cents for the six months ended 30 June 2019.

A portion of the decrease in earnings per share can be attributed to the impact of COVID-19 on
the Company’s operations. The arrival of COVID-19 resulted in Workforce only operating
businesses within the group that were classified as essential services. This resulted in an
immediate and substantial decline in turnovers across the clusters, aside from the healthcare
cluster. This continued for the months of March, April and May 2020. In June 2020, Workforce
started to see a recovery and is now operating at a much higher level of utilisation of its services.
Management envisages that, going forward in the second six months Workforce will return to a
much higher level of utilisation which will result in a near-normalisation of the previous patterns of
earnings.

The financial information on which this trading statement is based has not been reviewed or
reported on by the Company’s auditors. Workforce's financial results are expected to be released
on SENS on 21 August 2020.


Johannesburg
20 August 2020

Designated Adviser
Merchantec Capital

Date: 20-08-2020 12:15:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.