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CLOVER INDUSTRIES LIMITED - Further trading statement

Release Date: 07/08/2015 11:00
Code(s): CLR     PDF:  
Wrap Text
Further trading statement

Clover Industries Limited
(Incorporated in the Republic of South Africa)
(Registration number 2003/030429/06)
Ordinary Share code: CLR
NSX Ordinary Share code: CLN
ISIN No: ZAE000152377
(“Clover” or “the Company” or “the Group”)

FURTHER TRADING STATEMENT

Shareholders are referred to the announcement released on the
Stock Exchange News Service (“SENS”) on 6 July 2015 wherein the
Company advised that headline earnings per share (“HEPS”) for the
year ended 30 June 2015 would be at least 20% or 20,55 cents
higher than HEPS of 102.7 cents reported for the year ended 30
June 2014. Similarly it was advised that Earnings per share
(“EPS”) for the year ended 30 June 2015 would be at least 20% or
20,46 cents higher than EPS of 102.3 cents reported for the year
ended 30 June 2014.

Shareholders are now advised that the Company expects HEPS for the
year ended 30 June 2015 to be between 64,2% or 65,9 cents and
74,2% or 76,2 cents higher than the HEPS of 102,7 cents reported
for the year ended 30 June 2014. Further, EPS for the year ended
30 June 2015 will be between 81.3% or 83.2 cents and 91.3% or 93.4
cents higher than the EPS of 102,3 cents reported for the year
ended 30 June 2014.

The much improved performance can be mostly attributed to selling
price increases across most categories albeit with some loss of
sales volumes and market share. The gross and operating margins
accordingly improved considerably. Additional sales volumes from
the new yoghurt and custard products as well as from the recently
acquired Nkunzi MilkyWay business contained the overall volume
loss, compared with the previous year, to 1,7%.

In addition the recognition in a group subsidiary of a deferred
tax asset, not previously allowed, resulted in a significant
reduction in the effective tax rate. The aforementioned
contributed towards a 5.8% increase in HEPS and EPS respectively
over the prior year.

The forecast financial information on which this trading statement
is based has not been reviewed and reported on by the Company’s
external auditors.

The Company expects to release its financial results for the year
ended 30 June 2015 on SENS on or about 16 September 2015.


Johannesburg
7 August 2015

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 07/08/2015 11:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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