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Pinnacle - trading statement
Pinnacle's shareholders are informed that, for the six months ended 31 December 2009, Pinnacle's turnover increased by 8.2% to R1.465 billion (2008: R1.354 billion).
Fully diluted headline earnings per share is projected to be between 33.3 and 35.3 cps, being between 33.7% and 41.8 % higher than the results of the comparative period (2008: 24.9 cps). Stakeholders are advised that the expiry of the put option on 30 June 2009, relating to the 37 281 647 shares held by Amabubesi Investments (Pty) Ltd, has removed the IFRS requirement to add back these shares when calculating the weighted average shares in issue as used in earnings and headline earnings per share calculations.
Earnings and headline earnings per share is therefore based on the increased number of 181 836 624 shares (2008:145 497 603) Stakeholders are advised therefore to consider Fully diluted headline earnings per share when comparing financial performance per share to prior years, as fully diluted headline earnings per share has previously been based on the total number of shares held by equity owners. Earnings per share is projected to be between 28.6 and 30.6 cps, (based on 181 836 624 shares) being between 5.9% lower and 0.7% higher than the results of the comparative period (2008: 30.4 cps, based on 145 497 603 shares).
Headline earnings per share is expected to be between 33.3 and 35.3 cps (based on 181 836 624 shares), being between 9.5% and 16.1% higher than the results of the comparative period (31 December 2008: 30.4 cents per share, based on 145 497 603 shares).
The company's financial results for the 6 months ended 31 December 2009 are expected to be published on or about 23 February 2010. The half year results presentation will be held at Investec Bank in Sandton on 24 February and Investec Bank in Cape Town on 25 February 2010.
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