In terms of paragraph 3.4(b)(i) of the Listings Requirements of the Johannesburg Stock Exchange, listed companies are required to publish a trading statement as soon as they become reasonably certain that the financial results for the next period to be reported on will be more than 20% different to those of the previous corresponding period or from a profit forecast previously provided to the market in relation to such period.

Given the tough trading conditions and repositioning of the Company as announced in September 2019, despite revenue decreasing by 35% to R219 million from R312 million when compared with the prior comparative period, the Board reports that total comprehensive income for the period increased by 180% to R2.8 million from a loss of (R3.5 million) compared to the prior period, albeit primarily due to recognition of other income on a once off basis.
The earnings per share will increase by 182% from a prior period loss of (1.21) cents per share to 0.70 cents per share for the current six months ended 29 February 2020 due to the improved results outlined above. The headline loss per share will increase by 73.7% from a headline loss of (1.75) for the previous corresponding period to (3.04) for the six months ended 29 February 2020.

The financial information, on which this trading statement is based, has not been reviewed or reported on by the Company’s auditors. The unaudited results for the six months ended 29 February 2020 are expected to be published on or about 27 April 2020.