HOWDEN AFRICA HOLDINGS LIMITED - Trading statement for the interim period ended 30 June 2018

Release Date: 19/07/2018 17:20
Code(s): HWN
 
Wrap Text
Trading statement for the interim period ended 30 June 2018

Howden Africa Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/002982/06)
Share code: HWN
ISIN: ZAE000010583
("HAHL" or “the Company”)

TRADING STATEMENT FOR THE INTERIM PERIOD ENDED 30 JUNE 2018

Subsequent to the update of results on the 28th March 2018, shareholders are advised that
HAHL is expecting earnings per share ("EPS") and headline earnings per share (“HEPS”) for
the six month period ending 30th June 2018 to be between 112.90 and 149.34 cents and
112.89 and 149.37 cents respectively, this is a decline of between 18% and 38% in
comparison to the corresponding period. Movements provided are based on restatement of
prior period EPS and HEPS with the adoption of IFRS 15. The prior period EPS and HEPS
have moved from 184.51 and 184.64 cents to 182.23 and 182.36 cents respectively.

The deterioration of the results is a consequence of entering the year with a lower order
book combined with a decline in order intake primarily within the power market.

The ongoing financial constraints of customers, subdued economic outlook and general
industry uncertainty has created challenging trading environment for the Company with an
impact on revenue and pressure on traditional trading margins.

This financial information has not been reviewed and reported on by the auditors of HAHL.
In recognition of shareholder requests for more expedient interim reporting, the results for
the year ended 30 June 2018 are expected to be published on or about 31 July 2018.


19 July 2018

Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Limited

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