TORRE INDUSTRIES LIMITED - Trading statement for the year ended 30 June 2018

Release Date: 29/08/2018 14:00
Code(s): TOR
 
Wrap Text
Trading statement for the year ended 30 June 2018

TORRE INDUSTRIES LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2012/144604/06)
Share code: TOR     ISIN: ZAE000188629
(“Torre” or “the Group”)

TRADING STATEMENT FOR THE YEAR ENDED 30 JUNE 2018

In terms of paragraph 3.4(b) of the JSE Limited Listings
Requirements, listed companies are required to publish a
trading statement as soon as the board of directors is
satisfied that a reasonable degree of certainty exists that
the financial results for the period to be reported on next
will vary by 20% or more when compared to those of the
previous corresponding reporting period.

Torre is currently finalising its financial results for the
year ended 30 June 2018, expected to be announced on the Stock
Exchange News Service on 11 September 2018.

Torre shareholders are advised that normalised headline
earnings per share (“NHEPS”), headline earnings per share
(“HEPS”) and earnings per share (“EPS”) will differ when
compared to the previously reported corresponding period due
to:
- NHEPS has been impacted by lower earnings in the Parts
  and   Components   segment   partly   offset   by   improved
  operational   performance   in   the   Analytical   Services
  segment;
- HEPS was additionally impacted by once-off restructuring
  and retrenchment costs specifically in relation to SA
  French within the Capital Equipment segment following the
  decision to classify this operation as discontinued; and
- EPS   reflects   a   significant    improvement   over   the
  corresponding period due to lower impairment charges in
  the current financial year.

As such, NHEPS, HEPS and EPS for the year ended 30 June 2018
are expected to differ from the previous corresponding
reporting period as follows:

12 months to 30 June 2017            12 months to 30 June 2018

                     Actual          Expected range
NHEPS                15.01 cents     8.50 cents to 11.00 cents
                                             (43% to 27% down)
HEPS                 10.81 cents      0.90 cents to 3.00 cents
                                             (92% to 72% down)
EPS                 -83.38 cents   -19.50 cents to -4.50 cents
                                               (77% to 95% up)

The expected ranges of NHEPS, HEPS and EPS for continuing
operations have been included in this trading statement to
provide relevant information to shareholders due to the impact
of discontinued operations. NHEPS, HEPS and EPS for continuing
operations in the previous corresponding period has been re-
presented to reflect the impact of classifying SA French,
within the Capital Equipment segment, as discontinued.

As such, NHEPS, HEPS and EPS for the Group from continuing
operations to 30 June 2018 are expected to vary from the
corresponding period as follows:

12 months to 30 June 2017           12 months to 30 June 2018

                    Re-presented    Expected range
NHEPS               7.82 cents      9.75 cents to 11.25 cents
                                              (25% to 44% up)
HEPS                 3.82 cents      3.60 cents to 4.25 cents
                                          (6% down to 11% up)
EPS                 -76.68 cents  -11.85 cents to -1.50 cents
                                              (85% to 98% up)

The financial information on which the trading statement has
been based has not been reviewed and reported on by Torre’s
external auditors.
Torre will host a conference call on the financial results for
the year ended 30 June 2018 at 10h00 CAT on 12 September 2018.

The presentation will also be available on Torre’s website on
the morning of the conference call
(www.torreindustries.com/investor-presentations).

Johannesburg
29 August 2018

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