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

HUG - Huge Group Limited - Further Trading Statement

Release Date: 31/05/2012 15:00
Code(s): HUG
Wrap Text

HUG - Huge Group Limited - Further Trading Statement HUGE GROUP LIMITED (Registration number 2006/023587/06) Share code: HUG ISIN: ZAE000102042 ("Huge" or "the Group" or "the company") FURTHER TRADING STATEMENT In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, 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 period to be reported upon next will differ, by at least 20%, from the financial results for the corresponding period in the prior year. Shareholders are referred to the trading statements published on SENS on 5 and 24 April 2012 respectively, and are advised that as per those announcements, the company now has additional clarity with regard to the improvement in earnings and headline earnings per share in the current year when compared to the prior year. Shareholders are hereby advised that a reasonable degree of certainty exists that the company anticipates that the improvement in operating performance in the current year when compared to the previous year will result in a loss per share of between 3.9 and 4.1 cents, and a headline loss per share of between 4.9 and 5.1 cents, compared to a loss and headline loss of 15.33 and 15.41 cents per share respectively for the corresponding period. Further explanation for the changes that have taken place between the various trading statements: The provisions for impairment of certain loans, in the amount of R13.3 million, raised at a company level in the prior year as a result of the poor trading performance of the group of companies comprising Huge were reversed at a company level in the current year given the group`s improved trading performance. These reversals were taken into account at a company level at the time of the 24 April 2012 trading statement but have been reinstated at a group level on consolidation. These eliminations have no cash flow effect. This trading statement has not been reviewed and no report has been compiled on this trading statement by the Company`s external auditors. Johannesburg 31 May 2012 Designated Advisor Arcay Moela Sponsors (Proprietary) Limited Date: 31/05/2012 15:00:01 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.

Share This Story