Jasco Electronics Holdings (JSE:JSC) News - Trading Statement

JASCO ELECTRONICS HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration Number 1987/003293/06
Share code: JSC     ISIN: ZAE000003794
(“Jasco” or “the company” or “the group”)

TRADING STATEMENT

Market conditions during the six months to 31 December 2021
remained challenging, with Jasco’s customers and the general
South African economy impacted by COVID-19, the social unrest in
July 2021 and the metal industries strike in October 2021.
In these conditions, Jasco continued to focus on the group’s
turnaround, with a number of achievements during the reporting
period:
•   The successful restructure of the loan from its lender the
    Bank of China into a three-year term loan in December 2021;
•   An improvement in revenue and operating profit from
    continuing operations, with a strong recovery mainly in the
    Communication Solutions business unit and continued good
    cost control across the group; and
•   The capital raise through the Rights Offer of R55 million,
    announced on SENS on 17 January 2022, which will conclude on
    or about 7 February 2022.
Shareholders are reminded of the disposals of Reflex Solutions
and Property Technology Management in the previous financial
year, which are disclosed as discontinued operations. Although
there were no disposals during the current period, continuing
and total results are provided to enable a like-for-like
comparison.
Accordingly, shareholders are advised that for the six months
ended 31 December 2021, the company expects:
•   An earnings per share (“EPS”) profit from continuing
    operations of between 0.1 and 0.2 cents per share compared
    to the 1.2 cents loss per share for the previous
    corresponding period (an expected improvement in excess of
    100%).
•   A headline earnings per share (“HEPS”) profit from continuing
    operations for the six months ended 31 December 2021 of
    between 0.05 and 0.17 cents per share compared to the 1.2
    cents loss per share for the previous corresponding period
    (an expected improvement in excess of 100%).
•   An earnings per share (“EPS”) profit from total operations
    of between a loss of 0.1 and a profit of 0.3 cents per share
    compared to the 4.1 cents per share for the previous
    corresponding period (an expected decrease of between 93%
    and 102%).
•   A headline earnings per share (“HEPS”) profit from total
    operations for the six months ended 31 December 2021 of
    between a loss of 0.02 and a profit of 0.14 cents per share
    compared to the 1.5 cents loss per share for the previous
    corresponding period (an expected improvement of between 99%
    to 109%).
The weighted average number of shares in issue for the period
remained unchanged at 224 446 129 shares.
The information in this trading statement has not been reviewed
or reported on by the company’s external auditors.

Jasco’s financial results for the six months ended 31 December
2021 will be announced on or about 16 February 2022.


Midrand
1 February 2022


Sponsor
Grindrod Bank Limited

Date: 01-02-2022 04:00:00
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