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Trading Statement
Argent Industrial Limited
(Registration number 1993/002054/06)
(Incorporated in the Republic of South Africa)
Share Code: ART
ISIN: ZAE000019188
(“Argent” or “the company”)
TRADING STATEMENT
In terms of paragraph 3.4 (b) of the Listings Requirements of
the JSE Limited, companies are required to publish a trading
statement as soon as they are satisfied that there is a
reasonable degree of certainty that the financial results for
the next reporting period will differ by more than 20% from
those of the previous corresponding period.
Headline earnings per share and earnings per share for the six
months ended 30 September 2013 are expected to be between 12.7
and 22.1 cents per share and 8.5 and 17.7 cents per share
respectively, compared to headline earnings per share and
earnings per share of 47.0 cents per share and 46.1 cents per
share respectively, as reported on in the previous corresponding
period.
Argent’s operating profits were affected by strikes in four of
its divisions which are estimated to have cost the group R7.2
million. The volatility and devaluation of the Rand / Dollar
exchange rate has resulted in foreign exchange losses on imports
to the value of R8.3 million.
The group has discontinued certain of its automotive product
lines which will result in a write down of R19.3 million related
stock and the retrenchment of 43 operators at a cost of R0.8
million. The total amount of R20.1 million has been provided
for.
Argent has also closed its banking division which fell under
Barrier Angelucci. This resulted in retrenchments of 28 people
at a cost of R1 million, write down of stock of R2 million and a
goodwill impairment of R4.5 million, all of which have been
provided for.
Should the once-off items incurred during this period as
detailed above be excluded, the group’s results would have
improved if compared to the previous year for the same period.
With this in mind the Board has recommended an interim dividend
which will be in line with this improvement.
The above information has not been reviewed or reported on by
the company’s external auditors. It is anticipated that the
results for the six months ended 30 September 2013 are to be
published on SENS on or about 26 November 2013.
Umhlanga
1 November 2013
Sponsor: PSG Capital Proprietary Limited
Date: 01/11/2013 12:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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