To view the PDF file, sign up for a MySharenet subscription.

BILETS - Letshego Holdings Limited - Trading Announcement - Year end financial

Release Date: 29/02/2012 11:00
Code(s): JSE
Wrap Text

BILETS - Letshego Holdings Limited - Trading Announcement - Year end financial results and general update Letshego Holdings Limited Incorporated in the Republic of Botswana Registration number 98/442 ("Letshego Holdings" or "the Company") This announcement is being released on the Johannesburg Stock Exchange for information purposes only in respect of Letshego Holdings Limited`s Note Programme Trading Announcement - Year End Financial Results And General Update Letshego Holdings Limited is a leading provider of unsecured consumer loans, is listed on the Botswana Stock Exchange, is IFSC accredited and has operations in Botswana, Mozambique, Namibia, Swaziland, Tanzania, Uganda and Zambia. The Board of Directors of the Company would like to provide an update to Shareholders that the results for the financial year ended 31 January 2012 will generally be in line with the growth recorded for the interim period. Specifically: * Profit before tax is expected to be 14% higher than the prior financial year * Profit after tax is expected to be 24% higher than the prior financial year * Loans and advances to customers have exceeded P3 billion, a 32% increase on the prior financial year * The loan book outside of Botswana now represents 40% of total loans (2011: 33%) * Impairment charge remains below 2% of average advances to customers * Cost to income ratio remains below 25% * Return on average assets is expected to be at least 20% * Return on average equity is expected to be at least 29% * Debt to equity ratio is 34% at 31 January 2012 with shareholders` funds over P2.3 billion As communicated to Shareholders on 4 November 2011 no changes to the collection methodology in Botswana have occurred since August 2011. The operations of the Central Registries in Botswana continue as normal and collections remain at historical levels via the deduction at source basis. All subsidiaries continue to perform well with Botswana, Mozambique, Tanzania, Uganda and Zambia exceeding budgeted targets. The subsidiary in Mozambique, which commenced trading during February 2011, has performed very well for a start-up operation and started to make a monthly operating profit from August 2011 onwards. The agreement to acquire 62.52% of Micro Africa Limited was signed during February 2012 and regulatory approval in Kenya is now awaited before completion of the acquisition. This will add Kenya, Rwanda and South Sudan to the operations of the Letshego group. Letshego has recently been awarded a deduction code in Lesotho and is already licensed as a non-deposit taking credit institution with the Central Bank of Lesotho. This will allow Letshego Financial Services Lesotho, a 95% subsidiary of Letshego Holdings Limited, the opportunity to commence operations in Lesotho during the 2012/13 financial year and to further add to the Letshego footprint in the continent. In line with Botswana Stock Exchange listing requirements, the Company will publish the final audited financial results, once the external audit is finalized and all internal governance processes are completed, for the year ended 31 January 2012 which is expected to be on or around 26 April 2012. Gaborone 29 February 2012 Debt sponsor in South Africa Renaissance BJM Securities (Pty) Ltd Sponsoring broker in Botswana Stockbrokers Botswana Limited Date: 29/02/2012 11:00:02 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.

Share This Story