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Trading Statement
Chemical Specialities Limited
Incorporated in the Republic of South Africa
Registration number 2005/039947/06
Share code: CSP
ISIN: ZAE000109427
("Chemspec" or "the Company")
TRADING STATEMENT
In terms of the JSE Limited, companies are required to publish a trading
statement as soon as they are 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
previous corresponding period.
ChemSpec continues with its turnaround endeavours and continues to achieve
revenue growth albeit lower than in previous reporting periods. As
explained previously, in order to speed up the return to profitability,
management has embarked on an extensive structural review which includes a
de-complication and rationalisation strategy to substantially reduce fixed
costs while at the same time improving revenue and service delivery to
customers. This has included a reduction of people and infrastructure
globally, the objective being to reduce overheads to move the business into
profit at the current level of sales. The results of these endeavours are
starting to bear fruit.
Shareholders are advised that, for the six months ended 30 September 2014,
the results will improve. ChemSpec expects that the headline loss will
reduce by between 40% and 60% to between 1.62 and 1.08 cents per share when
compared to the headline loss of 2.73 cents per share reported in the
previous corresponding period. Loss per share is expected to reduce by
between 40% and 60% to between 1.61 and 1.07 cents per share when compared
to the loss of 2.71 cents per share as reported in the previous
corresponding period.
The information on which the above trading statement has been provided has
not been reviewed or reported on by the company’s auditors.
The interim results for the six months ended 30 September 2014 are expected
to be released on SENS on or about 05 December 2014.
Durban
24 October 2014
Designated Advisor
Grindrod Bank Limited
Date: 24/10/2014 08:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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