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ESR - Esorfranki Limited - Trading Update

Release Date: 10/05/2011 12:21:03      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: ZAE000078408                                                              
("Esorfranki" or "the company")                                                 
TRADING UPDATE                                                                  
Esorfranki is currently finalising its financial results for the year ended     
28 February 2011. Shareholders are advised that the company expects a basic     
loss per share of between 13,5 cents and 14,5 cents and a headline loss per     
share of between 12,5 cents and 13,5 cents. As set out in the interim           
results announcement dated 26 October 2010, a number of factors negatively      
impacted on the group throughout the year. These included difficult trading     
conditions in a contracting construction sector such as a dearth of             
contracts coming to market, contract award delays and cancellations, the non-   
award of tenders, unusual inclement weather, the disruptive effects of the      
FIFA 2010 Soccer World Cup and post-event lag and intensifying competition,     
all of which have combined to reduce operating margins. The group further       
incurred once-off restructuring costs of approximately R7 million and           
contract losses for the year of approximately R90 million.  The relevant        
problematic contracts have now been concluded.                                  
Esorfranki`s work in hand and future pipeline remain healthy, with a secured    
order book in excess of R1,9 billion as at the date of this announcement and    
imminent awarded work pending of approximately R1,2 billion.                    
The financial information on which this trading update is based has not been    
reviewed or reported on by the company`s auditors.                              
The company`s financial results for the year ended 28 February 2011 are         
expected to be published on SENS on or about 26 May 2011.                       
Johannesburg                                                                    
10 May 2011                                                                     
Sponsor                                                                         
Vunani Corporate Finance                                                        
Date: 10/05/2011 12:21:03 Supplied by www.sharenet.co.za                     
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