TRELLIDOR HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1970/015401/06)
Share Code: TRL
ISIN Code: ZAE000209342
(“the Company” or “the Group”)


UPDATED TRADING STATEMENT FOR THE YEAR ENDED 30 JUNE 2023


On 7 September 2023, the Company published an initial trading statement in which it advised
shareholders that a reasonable degree of certainty existed that the Group’s earnings per share
(“EPS”) and headline earnings per share (“HEPS”) for the financial year ended 30 June 2023
(“FY23”) would increase by at least 20%, or 0.08 cents, compared to the EPS and HEPS
reported for the financial year ended 30 June 2022 (“FY22”).

While the Company’s auditors are still finalising their audit of the Group’s financial statements
for FY23, a reasonable degree of certainty now exists that for FY23:

-   the Group’s EPS will be between 3.66 cents and 3.74 cents, representing an increase of
    more than 100% compared to the EPS of 0.40 cents reported for FY22; and

-   the Group’s HEPS will be between 4.16 cents and 4.24 cents, representing an increase
    of more than 100% compared to the HEPS of 0.40 cents reported for FY22.

As previously disclosed, the audited financial results for FY22 included a provision of
R32.1 million for the limited back-pay, restructuring costs and legal costs relating to the Labour
Appeal Court judgement received in April 2022 (“Labour Court Judgement”). The impact of
this provision was significant and accounted for a reduction in the Group’s profit after tax for
FY22 of R23.4 million and a reduction in the Group’s EPS for FY22 of 24.6 cents. If the FY22
financial results are adjusted for the Labour Court Judgement provision, the EPS for FY22
would be 25.0 cents, instead of the reported EPS of 0.40 cents referred to above.

The economic and operating environment remained challenging throughout FY23, with
several factors, including those listed below, impacting the Group’s financial performance for
FY23:

-   household budgets were strained and disposable income under pressure due to sustained
    inflationary pressures and rising interest rates;

-   loadshedding and concerns regarding municipal water delivery systems, resulted in
    consumers prioritising the allocation of disposable income to investments in alternative
    power and emergency water solutions, over investments in security;

-   in the UK, customer project spend was focused on in-store shop fitting in response to
    proposed regulation changes and as a result, project spend in security related areas was
    constrained compared to prior years;

-   the weak demand in South Africa and reduction in project related revenue in the UK were
    the main drivers of the decrease in Group revenue for the year;

-   rising inflation resulted in increased input cost pressures and subdued margins in parts of
    the Group;
-   the Group’s labour costs were higher due to the adverse Labour Court Judgement, which
    saw the order for reinstatement of 42 employees with full backpay and benefits from 2017;
    and

-   net interest cost rose as a result of increases in the prime lending rate coupled with
    increased debt levels, primarily due to the additional debt facility utilised to fund the costs
    of the implementation of the Labour Court Judgement.

The Company’s audited results for FY23 are expected to be announced on SENS on or about
28 September 2023.

Shareholders are advised that the Group’s external auditors have not yet finalised their audit,
review and reporting requirements of the financial information on which this trading statement
is based.

Durban
21 September 2023

Sponsor
PSG Capital