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CND - Conduit Capital Limited - Trading Update

Release Date: 29/04/2009 16:30
Code(s): CND
Wrap Text

CND - Conduit Capital Limited - Trading Update CONDUIT CAPITAL LIMITED Incorporated in the Republic of South Africa (Registration number 1998/017351/06) Share code: CND & ISIN: ZAE000073128 ("Conduit" or "the group") TRADING UPDATE In terms of the Listings Requirements of JSE Limited, companies are required to publish a trading statement as soon as they become reasonably certain that the financial results for the period to be reported on will differ by more than twenty percent from that of the previous corresponding period. Accordingly, a review of the financial results for the six months ended 28 February 2009 by management has indicated that operating profit, net profit before tax, attributable earnings, headline earnings, earnings per share ("EPS"), headline earnings per share ("HEPS"), net asset value per share ("NAV") and tangible net asset value per share ("TNAV") are expected to be as follows: Unaudited Unaudited six six months months to % change to 29 Feb 2008 Change
28 Feb 2009 Operating profit 11 264 7 696 3 568 46.36% (R`000) Net profit before tax 18 256 8 629 9 627 111.57% (R`000) Attributable earnings 7 252 2 710 4 542 167.60% (R`000) Headline earnings 7 256 2 717 4 539 167.06% (R`000) EPS (cents) 2.90 1.20 1.70 141.67% HEPS (cents) 2.90 1.20 1.70 141.67% NAV (cents) 89.19 89.85 (0.66) (0.73%) TNAV (cents) 70.10 54.72 15.38 28.11% Number of shares in 250 277 226 277 issue, net of treasury shares (`000) Weighted number of 250 277 225 856 shares (`000) Note: The financial information on which the above trading statement is based has not been reviewed or reported on by Conduit`s auditors. General commentary It is noteworthy that as a result of the group`s conservative investment strategy and limited exposure to equity markets (R2.6 million as at 28 February 2009), group cash and near cash resources available for investment increased to approximately R140 million (2008: R110 million); which resources are in addition to existing working capital utilised within the group. Additionally, the statutory funding ratio of the insurance division`s main asset, Constantia Insurance Company Limited ("CICL"), improved from 29% on 29 February 2008 to 56% as at 28 February 2009 (Statutory requirement: 15%). CICL`s international solvency margin increased to 65% as at 28 February 2009 (2008: 47%). The Conduit Direct division performed particularly well in the last six months and Anthony Richards & Associates (Proprietary) Limited has further entrenched its position as a leader in the debt recovery market. Conduit`s results for the six months ended 28 February 2009, with further commentary on all operating units, are expected to be published on SENS and in the press during the first week of May 2009. Johannesburg 29 April 2009 Sponsor: Merchantec (Proprietary) Limited Date: 29/04/2009 16:30:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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