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GDN - Gooderson - Trading Update

Release Date: 17/05/2011 13:02
Code(s): GDN
Wrap Text

GDN - Gooderson - Trading Update GOODERSON LEISURE CORPORATION LIMITED (Incorporated in the Republic of South Africa) (Registration number 1972/004241/06) (JSE code: GDN ISIN: ZAE000084984) ("Gooderson" or "the company") TRADING UPDATE In terms of section 3.4(b) of the Listings Requirements of the JSE Limited ("JSE"), 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 will differ by at least 20% from the financial results for the previous corresponding period. Shareholders are advised that the company is in the process of finalising its financial results for the year ended 28 February 2011 and advises that the earnings and headline earnings per share for this period are expected to decrease by between 58% and 68% compared to the previous corresponding period. The decrease in profits results from inter alia a reduction in room occupancies in all hotels and lodges due to the challenging trading conditions, a decline in the company`s conference markets, due to lack of government spending, weaker demand from international markets and a significant increase in refurbishment and upgrade charges associated with the company`s investment in Sanrock Resort and Conference Centre and Fabz Estate Hotel and Restaurant. The decline was also due to substantial refurbishment and upgrade costs in preparation of the FIFA 2010 World Cup Soccer tournament. This year was challenging with consumer disposable income being negatively affected by various factors The financial information on which this trading statement is based has not been reviewed or reported on by the company`s auditors. The results for the period ended 28 February 2011 are expected to be published on SENS by the end of this month. 17 May 2011 Durban Designated Advisor Exchange Sponsors Date: 17/05/2011 13:02:01 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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