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ESR - Esorfranki Limited - Trading Update

Release Date: 16/07/2010 13:45:01      Code(s): ESR
ESR - Esorfranki Limited - Trading Update                                       
ESORFRANKI LIMITED                                                              
(Incorporated in the Republic of South Africa)                                  
(Registration number: 1994/000732/06)                                           
JSE code: ESR                                                                   
ISIN: ZAE000133369                                                              
("the company or the group")                                                    
TRADING UPDATE                                                                  
Shareholders are advised that the results of the 2011 financial year are        
expected to be lower than those achieved for the corresponding period.          
As reported in our latest`s presentation to the market during May 2010 we       
indicated that the first half of 2011 financial year will be slow. The          
performance in the first half of the 2011 financial year is being severely      
impacted by a number of factors, including:                                     
-    the protracted delay in the award of certain contracts;                    
-    adverse economic trading conditions in sub-Saharan Africa;                 
-    a slowdown in sector-related economic activity due to the "Soccer World    
    Cup";                                                                       
-    excessive rainfall in the Gauteng region;                                  
-    a decrease in operating margins due to lower activity levels on certain    
    contracts; and                                                              
-    once-off costs relating to activity-appropriate restructuring initiatives. 
The group`s order book remains stable at about R1.6 billion of which            
approximately R150 million has been deferred to the 2012 financial year due to  
the above factors. With its diversified services offering, and geographical     
split, the group will continue to explore further opportunities in sub-Saharan  
Africa.                                                                         
At this stage the group expects basic and headline earnings per share for the   
six months ending 31 August 2010 to be less than 50% of those achieved in the   
corresponding period. The group remains positive that the second half of the    
2011 financial year will be in line with the corresponding period.              
A further announcement will follow in due course.                               
The financial information on which this trading statement is based has not been 
reviewed or reported on by the company`s auditors.                              
Johannesburg                                                                    
13 July 2010                                                                    
Designated Adviser                                                              
Vunani Corporate Finance                                                        
Date: 16/07/2010 13:45:01 Supplied by www.sharenet.co.za                     
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