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FGL - Finbond - Trading Update

Release Date: 16/04/2010 15:13
Code(s): FGL
Wrap Text

FGL - Finbond - Trading Update Finbond Group Limited (Incorporated in the Republic of South Africa) (Registration number: 2001/015761/06) Share code: "FGL" ISIN: ZAE000138095 ("Finbond" or "the Company") TRADING UPDATE In terms of the Listings Requirements of the JSE Limited companies are required to publish a trading update as soon as they become reasonably certain that the financial results for the next period to be reported on will differ by more than 20% from that of the previous corresponding period. A review of the financial results for the year ended 28 February 2010 by the directors of the Company has indicated that basic earnings are expected to be approximately 17.9 cents per share (2009: 23.0 cents basic loss per share). Finbond however expects to report a headline loss of approximately 15.8 cents per share (2009: 1.0 cent headline loss per share). The positive change in basic earnings per share can be attributed to improved results flowing from the micro finance division by way of higher business volumes, improved interest margins and fees as well as a significant contribution from credit insurance and once-off revaluation adjustments emanating from investment properties. However, these positive factors were tempered by accelerated amortisation of the intangible assets as well as significant costs incurred in expanding the branch network and rebranding and repositioning Finbond within the micro finance market. In contrast, the headline loss per share increased due to the exclusion of the investment properties revaluation from the calculation thereof. Finbond expects to publish its results for the year ended 28 February 2010 on or about 3 May 2010. The financial information on which this trading statement is based has not been reviewed or reported on by Finbond`s auditors. Pretoria 16 April 2010 DESIGNATED ADVISER: GRINDROD BANK LIMITED Date: 16/04/2010 15:13:03 Supplied by www.sharenet.co.za 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.

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