6 May 2011

Namibia: Trustco Earnings to Increase Significantly

Diversified group, Trustco has issued a statement informing shareholders that the group's earnings for the year ended 31 March 2011are expected to increase by between 25% and 35% while headline earnings are set to increase by between 55% and 70%.

In a statement released this week, the group said the announcement was in compliance with the JSE Limited and the Namibian Stock Exchange listings requirements. In terms of the JSE Limited and Namibian Stock Exchange listings requirements, companies are required to publish a trading statement as soon as they are satisfied that a reasonable degree of certainty exists that the financial results of the period to be reported upon will differ by 20% or more from the financial results of the previous corresponding period," the group said.

The group further warned holders of Trustco securities to exercise caution in their securities dealings until the publication of the relevant periods' financial results.

Trustco first listed on the Namibian Stock Exchange in September 2006 which was then followed by a secondary listing on the Africa Board of the JSE Limited in February 2009, becoming the first company to list on the Africa board in the process.

In the financial year ended March 2010, group revenue increased by 14% to N$550.5 million and headline earnings increased by 20% to N$85.3 million from 2009. Earnings increased by 47% to N$137.5million while its EBITDA (earnings before interest, taxes, depreciation, and amortisation) increased by 83% to N$188.4 million.

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