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Trading Statement
JASCO ELECTRONICS HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration Number 1987/003293/06
Share code: JSC ISIN: ZAE000003794
(“Jasco” or “the company” or “the group”)
TRADING STATEMENT
The first half of the 2021 financial year continued to be
affected by the impact of Covid-19 on Jasco’s customers and the
general South African economy.
As indicated during the year-end results announcement on 15
December 2020, although the group’s revenue improved, it is still
lower than the comparative six-month period to 31 December 2019.
However, as committed to the market and in line with the
stringent focus on cost-cutting and efficiencies, the operating
profit before interest and taxation pleasingly improved from
losses for the comparative six months to 31 December 2019 and
for the year-end to June 2020 to a profit for the six months to
31 December 2020.
As indicated before, Jasco relinquished control of Reflex
Solutions in September 2020. This resulted in the investment
being equity accounted for part of the period, with a once-off
net profit of R12,7 million being recognised. Excluding this
impact, the group would have still achieved a profitable position
from the previous loss-making status.
Going forward, the results of Reflex Solutions will be disclosed
as a discontinued operation.
For the six months to 31 December 2020, the group expects:
An earnings per share (“EPS”) profit of at least 4.1 cents per
share compared to a 6.0 cents loss per share for the previous
corresponding period (a minimum expected improvement in excess
of 100%).
A headline earnings per share (“HEPS”) loss for the six months
ended 31 December 2020 of a maximum of 1.5 cents per share
compared to the 5.2 cents loss per share for the previous
corresponding period (a minimum expected improvement in the
loss-making position of at least 70%).
The weighted average number of shares in issue for the period
decreased from 226 281 586 to 224 446 129 due to the increase in
the number of shares held by the Jasco Share Incentive Trust on
forfeiture of shares by participants during the second half of
the previous financial year.
Once the company has obtained reasonable certainty, it will
provide further guidance.
The information in this trading statement has not been reviewed
or reported on by the company’s external auditors.
Jasco’s financial results for the six months ended 31 December
2020 will be announced during March 2020.
Midrand
5 March 2021
Sponsor
Grindrod Bank Limited
Date: 05-03-2021 11:15:00
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