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PRIMESERV GROUP LIMITED - Trading Statement for the six months ended 30 September 2020

Release Date: 11/11/2020 17:00
Code(s): PMV     PDF:  
Wrap Text
Trading Statement for the six months ended 30 September 2020

Primeserv Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/013448/06)
("Primeserv” or “the Company”)
Share code: PMV       ISIN: ZAE000039277


In terms of the Listings Requirements of the JSE Limited, companies are required to publish
a trading statement as soon as they become aware that the financial results for the period to
be reported upon next may differ by at least 20% from the financial results for the previous
corresponding period.

Primeserv accordingly advises that management’s review of the financial results expected for
the 6 months ended 30 September 2020 has indicated that Primeserv will reflect earnings per
share of between 4.70 cents per share and 5.20 cents per share, in comparison to earnings
per share of 11.46 cents for the 6 months ended 30 September 2019, and headline earnings
per share of between 6.80 cents per share and 7.50 cents per share in comparison to headline
earnings per share of 11.47 cents for the 6 months ended 30 September 2019. This represents
a decrease in earnings per share of between 59% and 55%, and a decrease in headline
earnings per share of between 41% and 35%.

The imposition of the national lockdown arising from the Covid-19 pandemic was right at the
beginning of Primeserv’s financial year and resulted in sales for the first quarter being
particularly badly affected as many clients were compelled to shut their businesses completely
or partially. Primeserv immediately implemented various health and safety protocols and
measures designed to maintain and ensure the health and well-being of all its staff and those
with whom they may come in contact with. Furthermore, the Group initiated stringent cost
containment measures aimed at ensuring business sustainability whilst at the same time
maintaining its national infrastructure and full-service capability so as to continue delivering
Primeserv’s full range of services and client-centric service excellence throughout this period.
As the national lockdown levels began to ease Primeserv experienced a recovery in most of
its revenue streams albeit that face-to-face interactions were of necessity curtailed both in the
interests of the welfare of Primeserv’s staff and assignees, as well as at the request of clients,
particularly insofar as related to the delivery of training and skills development programmes.

The financial results on which this trading statement has been based have not been reviewed
or reported on by the Company’s auditors. The financial results of the Company will be
published on or about Thursday, 12 November 2020.

11 November 2020
Illovo, Sandton

Grindrod Bank Limited

Date: 11-11-2020 05:00:00
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