BFS - Blue Financial Services Limited - Trading Statement

BFS - Blue Financial Services Limited - Trading Statement                       
BLUE FINANCIAL SERVICES LIMITED                                                 
(Incorporated in the Republic of South Africa)                                  
(Registration Number:  1996/006595/06)                                          
JSE Code:  BFS                                                                  
ISIN:  ZAE000083655                                                             
("Blue" or "the Company" or "the Group")                                        
TRADING STATEMENT                                                               
In accordance with paragraph 3.4 of the Listings Requirements of the JSE        
Limited, a listed company is required to publish a trading statement, as soon   
as it is satisfied that a reasonable degree of certainty exists, that the       
financial results for the next period to be reported on are likely to vary by   
more than 20% from the previous corresponding period.                           
Blue wishes to advise shareholders that the Company expects an improvement in   
the Company`s earnings and headline earnings per share for the financial year   
ending 29 February 2012.  Earnings per share ("EPS") are expected to be         
between 0.35 and 1.12 cents per share and headline earnings per share ("HEPS")  
are expected to be between 0.37 and 1.14 cents per share attributable to        
ordinary shareholders. These compare with the basic loss per share and          
headline loss per share of (29.59) cents and (27.77) cents per share            
respectively, reported in the prior comparative period.                         
The main reasons for the improvements in results per share reported in the      
prior comparative period are:-                                                  
-    The Group`s reported interim results for the period ended 31 August 2011   
    reflected the Group`s return to profitability, ahead of initial             
    expectations, and a key milestone in the turnaround strategy.               
-    The Group has managed to maintain this momentum for the second half of     
the financial year together with a change in focus towards delivering       
    sustainable growth in its loan advances to customers now that a sound       
    platform for growth has been established.                                   
-    The Group has continued its focus under its turnaround objectives of       
driving cost efficiencies and operational improvements, enhancements in     
    credit and collections processes and increase in the overall level of       
    business sophistication throughout the organisation.                        
Included in the results above are non-recurring charges and gains and the       
Group furthermore remains exposed to foreign currency movements on its non-     
Rand denominated external funding as well as its non-Rand denominated results   
of its subsidiary companies.                                                    
The Group`s turnaround objectives remain on track to be achieved within the 18  
months timeline from date of recapitalisation in December 2010.                 
The information in this trading statement has not been reviewed or reported on  
by Blue`s independent auditors.                                                 
Johannesburg                                                                    
10 February 2012                                                                
Designated Advisor                                                              
Grindrod Bank Limited                                                           
Date: 10/02/2012 13:52:02 Supplied by www.sharenet.co.za                     
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