KEL - Kelly Group Limited - Trading Statement

KEL - Kelly Group Limited - Trading Statement                                   
KELLY GROUP LIMITED                                                             
(Incorporated in the Republic of South Africa)                                  
(Registration Number 1999/026249/06)                                            
JSE code: KEL                                                                   
ISIN: ZAE000093373                                                              
("Kelly" or "the Group")                                                        
TRADING STATEMENT                                                               
In terms of the Listings Requirements of the JSE Limited, companies are required
to publish a trading statement as soon as they become aware that the financial  
results for the period to be reported upon next will differ by at least 20% from
the financial results for the previous corresponding reporting period.          
Accordingly, Kelly shareholders are advised that the Board has reasonable       
certainty that the Group`s earnings will be impacted at least to this extent.   
The slowdown in trading activity experienced during the second half of the      
previous financial year continued into the current reporting period and has left
profitability under pressure. These difficult trading conditions required the   
implementation of a restructuring of the Kelly and PAG businesses, as well as   
strict cost containment throughout the Group. The restructuring costs incurred, 
negatively impacted the Group`s profits by at least R3.5 million and was further
impacted by R3.4 million relating to onerous lease provisions as per IFRS. The  
Board is resolute in ensuring that the Group retains and improves its market    
position across its key disciplines.                                            
The Board expects the Group`s earnings for the six months ended 31 March 2012 to
be as follows:                                                                  
-    headline loss between 11.5 to 13.5 cents per share (2011: headline earnings
    13.5 cps);                                                                  
-    basic loss between 11.5 to 13.5 cents per share (2011: basic earnings 13.5 
    cps).                                                                       
The results for the six months ended 31 March 2012 will be announced on SENS on 
or about 15 May 2012.                                                           
The financial information on which this trading statement is based has not been 
reviewed and reported on by Kelly`s external auditors.                          
Johannesburg                                                                    
26 April 2012                                                                   
Sponsors:                                                                       
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
Date: 26/04/2012 14:00:01 Supplied by www.sharenet.co.za                     
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