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LAF - Lonrho Plc - Change of accounting reference date

Release Date: 22/09/2011 10:20
Code(s): LAF
Wrap Text

LAF - Lonrho Plc - Change of accounting reference date LONRHO PLC (Formerly Lonrho Africa Plc) (Incorporated and registered in England and Wales) (Registration number 2805337) (Share code: LAF; ISIN number: GB0002568813 ("Lonrho" or "the Company" or "the Group") CHANGE OF ACCOUNTING REFERENCE DATE To fall in line with the statutory reporting obligations of various of the countries where it operates such as Mozambique, DRC and Angola, the Board of Lonrho Plc has resolved to change the Company`s accounting reference date from 30th September to 31st December and accordingly its next full financial statements will be in respect of the 15 months to 31st December 2011. The change will align the Lonrho accounting period with the statutory obligations in various countries where a December year end is a legal requirement. Consequently the Group will publish a second set of interim accounts for the 6 month period ending 30th September 2011 by 30th November 2011. An additional benefit of a year end aligned with the calendar year will be for the Group`s expanding agricultural division which has always been dependent directly or indirectly on the timing of harvests in South Africa, Zambia, Zimbabwe, and Mozambique. This division is growing in importance with the recent expansion of the Group`s agricultural business with the purchase of the assets and operations of Grindrod PCA and now accounts for over 50% of Group turnover. The change to a calendar year accounting period will reduce potential seasonal variances in relation to the main production season which has a September /October harvest output. The Group has enjoyed some important successes in the fourth quarter with delivery of first shipments from Oceanfresh to Walmart in the USA and Checkers in South Africa under new supply agreements and strong performances from new acquisitions Lonrho Logistics (formerly the business of Grindrod PCA) and Fish On Line. In addition, Fly540 is expected to commence commercial operations in Ghana in the last week of September. Overall trading remains broadly in line with management expectations entering the busiest period of the year for the Group. For further information: Enquiries Lonrho Plc - David Lenigas, Executive Chairman +44 (0)20 7016 5105 Geoffrey White, Chief Executive Officer David Armstrong, Finance Director Panmure Gordon +44 (0) 20 7459 3600 Dominic Morley Adam Pollock Hannah Woodley
Pelham Bell Pottinger +44 (0) 20 7861 3232 James MacFarlane 22 September 2011 Sponsor: Java Capital Date: 22/09/2011 10:20:24 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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