Wrap Text
Short-Form Announcement: Unaudited Interim Results For The Six Months Ended 31 August 2019 And Dividend Declaration
PSG KONSULT LIMITED
(Incorporated in the Republic of South Africa)
Registration Number: 1993/003941/06
JSE Share Code: KST
NSX Share Code: KFS
SEM Share Code: PSGK.N0000
ISIN Code: ZAE000191417
(“PSG Konsult” or “the Company”)
SHORT FORM-ANNOUNCEMENT: UNAUDITED INTERIM RESULTS FOR THE SIX
MONTHS ENDED 31 AUGUST 2019 AND DIVIDEND DECLARATION
1. SALIENT FEATURES
• Recurring headline earnings per share increased by 8% to 23.2 cents per share
• Interim dividend per share increased by 7% to 7.5 cents per share
• Total assets under management decreased by 1% to R228bn
• Gross written premium increased by 35% to R2.7bn
PSG Konsult achieved a solid 8% growth in recurring headline earnings per share and
generated a return on equity of 20.2%, despite difficult business conditions. No
performance fees were generated during the current period, compared to the prior period
where performance fees constituted 4.6% of headline earnings. PSG Konsult and its
subsidiaries (“the group”) continued its investment in technology and people.
PSG Konsult’s key financial performance indicators for the six months ended 31 August
2019 are shown below.
31 Aug 19 Change 31 Aug 18
R’000 % R’000
Core income 2 525 143 11 2 277 976
Headline and recurring headline earnings 310 634 10 283 146
Non-headline items (57) (1 297)
Earnings attributable to ordinary shareholders 310 577 10 281 849
Divisional recurring headline earnings
PSG Wealth 175 476 10 159 787
PSG Asset Management 81 064 (7) 87 212
PSG Insure 54 094 50 36 147
310 634 10 283 146
Weighted average number of shares in issue
(net of treasury shares) (millions) 1 339.4 2 1 318.0
Earnings per share (cents)
– Headline and recurring headline 23.2 8 21.5
– Attributable 23.2 8 21.4
– Headline - excluding intangible amortisation cost 25.2 8 23.3
Dividend per share (cents) 7.5 7 7.0
Return on equity (ROE) (%) 20.2 21.9
Capital management
PSG Konsult is strongly capitalised and complies with the Prudential Authority’s Financial
Soundness Standards, with a capital cover ratio of 1.82. PSG Konsult’s strong cash flow
presents several options to optimise risk-adjusted returns for our shareholders. Aligned
to this objective, the group negotiated the early redemption of the R100m notes issued
under the Domestic Medium-Term Note Programme. The notes were redeemed on 12
July 2019, utilising surplus cash, and the group therefore had no remaining interest-
bearing debt at 31 August 2019.
To minimise the impact of share issue dilution, the PSG Konsult Group Share Incentive
Trust purchased 12 585 068 PSG Konsult shares, at a total cost of R122.1m, during the
current period to enable it to satisfy certain of its obligations in terms of the Share Incentive
Scheme.
2. DIVIDEND DECLARATION
Given its continued confidence in the group’s prospects, the board decided to approve
and declare an interim gross dividend of 7.5 cents (2018: 7.0 cents) per share from income
reserves in respect of the six months ended 31 August 2019. The dividend amount, net
of South African dividend tax of 20%, is 6.0 cents (2018: 5.6 cents) per share for those
shareholders who are not exempt from dividend tax. The number of ordinary shares in
issue at the declaration date is 1 367 263 905 and the income tax number of the Company
in South Africa is 9550/644/07/5.
The salient dates of the dividend declaration are:
Declaration date Thursday, 10 October 2019
Last day to trade cum dividend Tuesday, 29 October 2019
Trading ex-dividend commences Wednesday, 30 October 2019
Record date* Friday, 1 November 2019
Date of payment Monday, 4 November 2019
* Due to Friday, 1 November 2019 being a public holiday in Mauritius, the record date for
shareholders on the Mauritian register will be Monday, 4 November 2019, with payment
of the dividend occurring on the same date.
As the dividend has been declared and denominated in Rand, it will be paid (in Rand) into
the bank accounts of shareholders appearing on the Mauritian register.
Shareholders should note that share certificates may not be dematerialised or
rematerialised between Wednesday, 30 October 2019 and Friday,
1 November 2019 (both days inclusive), provided that such dematerialisation or
rematerialisation will not be permitted for shareholders on the Mauritian register between
Wednesday, 30 October 2019 and Monday, 4 November 2019 (both days inclusive).
Shares may not be moved between the South African, Mauritian and Namibian share
registers between Wednesday, 30 October 2019 to Monday, 4 November 2019, both days
inclusive.
3. SHORT-FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the directors of the Company. It
contains only a summary of the information in the full announcement (“Full
Announcement”) and does not contain full or complete details. The Full Announcement
can be found at:
https://senspdf.jse.co.za/documents/2019/JSE/ISSE/KST/PSGKH12020.pdf
A copy of the Full Announcement is also available for viewing on the Company’s website
at https://www.psg.co.za/files/investor-relations/financial-information/PSGKH12020.pdf
or may be requested in person, at the Company’s registered office or the office of the
sponsor, at no charge, during office hours.
Any investment decisions by investors and/or shareholders should be based on
consideration of the Full Announcement, as a whole.
Tyger Valley
10 October 2019
JSE Sponsor: PSG Capital Proprietary Limited
NSX Sponsor: PSG Wealth Management (Namibia) Proprietary Limited, member of the
Namibian Stock Exchange
SEM authorised representative and SEM Sponsor: Perigeum Capital Ltd
This notice is issued pursuant to the JSE Limited Listings Requirements, the SEM Listing
Rules and the Mauritian Securities Act 2005. The board of directors of PSG Konsult accepts
full responsibility for the accuracy of the information contained in this communiqué.
Date: 10/10/2019 11:30:00
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