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Trading statement for the half year ended 31 August 2015
Adcorp Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1974/001804/06)
Share code: ADR & ISIN: ZAE000000139
("Adcorp" or "the Company")
TRADING STATEMENT FOR THE HALF YEAR ENDED 31 AUGUST 2015
In terms of the Listings Requirements of the JSE Limited, companies are required to publish a trading
statement as soon as they are reasonably certain 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.
Adcorp shareholders are advised that for the half year ended 31 August 2015 headline earnings per
share (“HEPS”) are expected to decrease by between 16% and 18% and earnings per share (“EPS”)
are expected to decrease by between 41% and 44%, compared to the corresponding period. HEPS
and EPS are therefore expected to be between 124 cents and 127 cents per share and between 85
cents and 89 cents per share, respectively, compared to HEPS of 150.9 cents and EPS of 151.3 cents
in the corresponding period.
The decrease in HEPS and EPS is due to the negative revenue impact emanating from lower
headcount volumes caused by client’s reactions to the legislative landscape. In addition EPS has been
negatively impacted by a goodwill impairment and a loss on sale of business. The first full period
inclusion of the contribution from Kelly and the four month inclusion of the contribution from Dare,
coupled with the restructuring and cost cutting initiatives partially offset this negative impact of
lower volumes. .
On a normalised trading position, where non-cash flow IFRS adjustments are eliminated, normalised
earnings per share for the half year ended 31 August 2015 are expected to decrease by between 4%
and 8% compared to the corresponding period. As a result, normalised earnings per share are
expected to be between 176 cents and 184 cents, compared to 191.7 cents in the corresponding
period.
The financial results on which this trading statement have been based have not been reviewed nor
reported on by the Company`s auditors. The financial results of the Company will be published on 21
October 2015.
For further information please contact:
Anthony Sher
Chief Financial Officer
Tel: (011) 244-5316
Email: cfo@adcorp.co.za
16 October 2015
Bryanston
Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd
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