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Trading Update
Basil Read Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1984/007758/06)
Share Code: BSR ISIN: ZAE 000029781
(“Basil Read” or the “Company” or the “Group”)
TRADING UPDATE
Shareholders are referred to the trading update released by Basil Read dated
6 June 2014, advising that the Company expected earnings per share and
headline earnings per share for the six months ending 30 June 2014 to be a
minimum of 135% and 270% lower compared to the previously reported
corresponding period (“Previous Trading Update”).
The Group is finalising its results for the six months ended 30 June 2014, and
is required to, in terms of paragraph 3.4(b) of the Listings Requirements of
JSE Limited (“JSE”), once reasonable certainty is obtained, to provide the
guidance as set out therein. Consequently shareholders are advised that the
following guidance replaces the minimum percentage difference quoted in the
Previous Trading Update.
Shareholders are reminded that the comparative results for the six months
ended June 2013 included the profit on disposal of the TWP group in the
amount of R183 million.
In the Previous Trading Update, shareholders were advised that earnings and
headline earnings had been negatively affected by loss-making contracts in
the roads and civil engineering divisions due to ongoing challenging
conditions. In the process of finalising the Group’s results for the six months
ended 30 June 2014, additional losses relating to these contracts have been
recorded. For certain of these contracts, the group is currently finalising
claims to be submitted, but has not included any of these claims and/or
possible delay damages in projecting the estimated earnings and headline
earnings decline.
Shareholders are therefore advised that Basil Read expects its earnings per
share for the six months ended 30 June 2014 to be a loss of between 131.18
and 160.33 cents per share compared to the 195.28 cents earnings per share
for the previously reported corresponding period. The prior year earnings per
share includes the profit on disposal of TWP as disclosed above.
Shareholders are further advised that Basil Read expects its headline
earnings per share for the six months ended 30 June 2014 to be a loss of
between 131.17 and 160.31 cents per share compared to the 43.69 cents
headline earnings per share for the previously reported corresponding period.
The financial information on which this trading statement is based has not
been reviewed or reported on by Basil Read’s auditors.
The Group’s interim results for the six months ending 30 June 2014, will be
published on or about 27 August 2014.
Johannesburg
21 August 2014
JSE Sponsor
Macquarie First South Capital (Pty) Limited
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