Trading Statement
February 22 2010 - 2:00AM
UK Regulatory
TIDMPTMN
RNS Number : 4360H
Petmin Limited
22 February 2010
PETMIN LIMITED
Incorporated in the Republic of South Africa
Registration Number 1972/001062/06
Share Code JSE: PET ISIN: ZAE000076014
Share Code AIM: PTMN
("Petmin" or "the Company")
Trading statement
The 2009 calendar year has been the most difficult year experienced in Petmin's
history because of the turmoil in the worldwide financial markets and its
consequential impact on the world commodity markets. Despite this, during the
six months ended 31 December 2009, Petmin's operations maintained healthy profit
margins and were cash generative.
The JSE`s listing requirements stipulate that a company is required to publish
a trading statement if an increase or decrease of more than 20% (compared with
the previous reporting period) in its basic earnings per share ("EPS") and
headline earnings per share ("HEPS") is expected.
The shareholders of Petmin are hereby advised that HEPS for the six months
ended
31 December 2009 are expected to be 8.28 cents per share, down by 30%
from the
11.82 cents per share for the six months ended 31 December 2008. If
the results
of Springlake Colliery, which was sold in June 2009, are
excluded from the
comparative period, Headline Earnings per share increased 10% on a like for like
basis.
EPS for the six months ended 31 December 2009 are expected to be 8.28 cents per
share, down from 15.15 cents per share for the six months ended 31 December
2008,
a decrease of 45%. This decrease is due to the comparative period including
income
of R23m generated by Springlake (4.27 cents), once-off income of R33 million
(6.06 cents) resulting from the fair value adjustment in terms of IFRS on the
acquisition
of Petmin's initial investment in Veremo Holdings (Pty) Ltd, and once-off
impairment charges mainly relating to the sale of Springlake amounting to R15
million (2.71
cents).
The table below summarizes the impact of Springlake on the comparative figures.
Six months Six months Six months
Ended ended ended
31 December 31 December 31 December
2009 2008 2008
Excluding Excluding Including
Springlake Springlake Springlake
HEPS 8.28 7.55 11.82
EPS 8.28 13.37 15.15
Petmin has a healthy balance sheet with cash resources of approximately R 145
million and unutilized facilities at or below prime of R 150 million and has
built a stable
platform from which to launch and execute its strategy to significantly increase
the size of Petmin and to provide superior returns to our shareholders.
This trading statement, SENS announcement and RNS announcement has not been
reviewed or audited by the Company's auditors.
Petmin's reviewed results are expected to be published on SENS and RNS on 1
March 2010.
Enquiries:
Petmin
Bradley Doig (COO)
+27 824 597 818
Nominated Advisor (AIM)
Numis Securities Limited
John Harrison
+44 207 260 1000
Sponsor and Corporate Advisor (JSE)
River Group
Andrew Lianos
+27 834 408 365
22 February 2009
Johannesburg
Sponsor
River Group
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTUKSNRRRAUAAR
Petmin (LSE:PTMN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Petmin (LSE:PTMN)
Historical Stock Chart
From Jul 2023 to Jul 2024