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ESOR LIMITED - Trading update

Release Date: 20/05/2014 08:30:00      Code(s): ESR       PDF(s):  
Trading update

ESOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1994/000732/06)
JSE code: ESR
ISIN: ZAE000184669
(“Esor” or “the company” or “the Group”)

TRADING UPDATE

Esor is currently finalising its financial results for the   year
ended 28 February 2014 and shareholders are advised that      the
company expects a basic loss per share of between 39,6 and   47,4
cents and a headline loss per share of between 10,3 and      12,3
cents for that period; compared to earnings per share of     23,5
cents and headline earnings per share of 20,5 cents in        the
previous financial year.

The loss has, to a large extent, resulted from 3 loss-making
contracts reported on at the interim stage (i.e. N4 – R94
million, Kriel main civils and Boxhole – R45 million and
Hwelereng – R27 million).

Esor’s work on hand and future pipeline remain healthy, with a
secured 2 year order book in excess of R2,6 billion as at 28
February 2014 and imminent pending awards of approximately R3
billion.

The Civils division is involved in a number of power
infrastructure projects for Eskom at Kusile with the Terrace
Underground Facilities contract having been subject to various
delays and lack of access in a number of areas. The Group’s
liquidity will remain tight until all claims are resolved and
payments due on the project have been made.

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
2014 are expected to be released on SENS during the week ending
30 May 2014.


Sandton
20 May 2014


Sponsor
Vunani Corporate Finance

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