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PNC
PNC
PNC - Pinnacle Technology Holdings - Trading update and trading statement
Pinnacle Technology Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1986/000334/06)
Share code: PNC ISIN: ZAE000022570
("Pinnacle" or "the company")
TRADING UPDATE AND TRADING STATEMENT
Pinnacle`s shareholders are informed that, for the six months ended
31 December 2008, Pinnacle`s turnover increased by 39.0% to R1 354 053 000
(31 December 2007: R974 372 000), gross profit realized 15.88%
(31 December 2007: 17.47%) and operating profit margins projected at 4.9%
(31 December 2007: 7.3%).
Stakeholders are advised that the above operating profit margins include a
foreign exchange loss of R32 489 620 realized on uncovered foreign denominated
liabilities incurred during the devaluation of the ZAR in October 2008.Foreign
denominated liabilities are now fully hedged using forward exchange contracts to
protect the Group against foreign currency volatility.
Earnings per share is therefore projected to be between 29 and 31 cents per
share, being between 15.5% and 9.6% lower than the results of the comparative
period (31 December 2007: 34.3 cents per share).
Headline earnings per share is expected to be between 29 and 31 cents per share,
being between 15.5% and 9.6% lower than the results of the comparative period
(31 December 2007: 34.3 cents per share).
Fully diluted headline earnings per share is projected to be between 24 and 26
cents per share, being between 14.3% and 7.1% lower than the results of the
comparative period (31 December 2007: 28 cents per share).
Fully diluted headline earnings per share, if adjusted for the exceptional
foreign exchange loss, amounts to 37.7 cents per share (31 December 2007: 28
cents per share) being 34.6% higher than the previous year.
The above information has not been reviewed or reported on by the company`s
auditors. The company`s financial results for the 6 months ended 31 December
2008 are expected to be published on or about 23 February 2009.
Midrand
Wednesday, February 18, 2009
Sponsor
Deloitte & Touche Sponsor Services (Pty) Limited
Date: 18/02/2009 08:48:14 Produced by the JSE SENS Department.
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