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12 May 2010 09:00
AECI LIMITED
Incorporated in the Republic of South Africa
(Registration No. 1924/002590/06)
Share code: AFE ISIN No. ZAE000000220
("AECI" or "the Group" or "the Company")
TRADING STATEMENT
AECI's customers in the core business sectors of mining and manufacturing experienced an extremely turbulent trading environment in 2009, especially in the first six months as the global economic crisis took its toll. It was only towards year-end that volumes began a modest recovery, particularly in mining, and commodity prices began to increase.
This improvement in trading conditions has continued into 2010, although volumes are not yet at pre-crisis levels. The current rand/US dollar exchange rate also continues to be a concern in the recovery of South Africa's manufacturing sector and its exports. This notwithstanding, with current sales volumes and commodity prices and given that the cost bases of all Group businesses are now in line with current levels of throughput, the Company expects that its actual earnings per share ("EPS") and headline earnings per share ("HEPS") for the six months to 30 June 2010 will be at least 20% higher than those achieved for the first half of 2009.
Another trading statement providing further guidance to shareholders will be issued prior to the publication of AECI's interim financial results on 28 July 2010, once there is greater clarity on the specific range of the improvement in actual EPS and HEPS from the low base of 2009.
The forecast financial information on which this trading statement is based has not been reviewed and reported on by the Company's auditors.
Woodmead, Sandton12 May 2010Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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