PSG KONSULT LIMITED - KST : Short-Form Announcement: Unaudited Interim Results For The Six Months Ended 31 August 2019 And Dividend Declaration
10 October, 2019 - Posted at - 11:30:20
<BR>
KST : Short-Form Announcement: Unaudited Interim Results For The Six Months Ended 31 August 2019 And Dividend Declaration: https://senspdf.jse.co.za/documents/2019/jse/isse/kst/PSGKH12020.pdf<BR>
Short-Form Announcement: Unaudited Interim Results For The Six Months Ended 31 August 2019 And Dividend Declaration<BR>
<BR>
PSG KONSULT LIMITED<BR>
(Incorporated in the Republic of South Africa)<BR>
Registration Number: 1993/003941/06<BR>
JSE Share Code: KST<BR>
NSX Share Code: KFS<BR>
SEM Share Code: PSGK.N0000<BR>
ISIN Code: ZAE000191417<BR>
("PSG Konsult" or "the Company")<BR>
<BR>
<BR>
SHORT FORM-ANNOUNCEMENT: UNAUDITED INTERIM RESULTS FOR THE SIX<BR>
MONTHS ENDED 31 AUGUST 2019 AND DIVIDEND DECLARATION<BR>
<BR>
1. SALIENT FEATURES<BR>
* Recurring headline earnings per share increased by 8% to 23.2 cents per share<BR>
* Interim dividend per share increased by 7% to 7.5 cents per share<BR>
* Total assets under management decreased by 1% to R228bn<BR>
* Gross written premium increased by 35% to R2.7bn<BR>
<BR>
PSG Konsult achieved a solid 8% growth in recurring headline earnings per share and<BR>
generated a return on equity of 20.2%, despite difficult business conditions. No<BR>
performance fees were generated during the current period, compared to the prior period<BR>
where performance fees constituted 4.6% of headline earnings. PSG Konsult and its<BR>
subsidiaries ("the group") continued its investment in technology and people.<BR>
<BR>
PSG Konsult's key financial performance indicators for the six months ended 31 August<BR>
2019 are shown below.<BR>
<BR>
31 Aug 19 Change 31 Aug 18<BR>
R'000 % R'000<BR>
<BR>
Core income 2 525 143 11 2 277 976<BR>
<BR>
Headline and recurring headline earnings 310 634 10 283 146<BR>
Non-headline items (57) (1 297)<BR>
Earnings attributable to ordinary shareholders 310 577 10 281 849<BR>
Divisional recurring headline earnings<BR>
PSG Wealth 175 476 10 159 787<BR>
PSG Asset Management 81 064 (7) 87 212<BR>
PSG Insure 54 094 50 36 147<BR>
310 634 10 283 146<BR>
Weighted average number of shares in issue<BR>
(net of treasury shares) (millions) 1 339.4 2 1 318.0<BR>
Earnings per share (cents)<BR>
- Headline and recurring headline 23.2 8 21.5<BR>
- Attributable 23.2 8 21.4<BR>
- Headline - excluding intangible amortisation cost 25.2 8 23.3<BR>
Dividend per share (cents) 7.5 7 7.0<BR>
Return on equity (ROE) (%) 20.2 21.9<BR>
<BR>
Capital management<BR>
PSG Konsult is strongly capitalised and complies with the Prudential Authority's Financial<BR>
Soundness Standards, with a capital cover ratio of 1.82. PSG Konsult's strong cash flow<BR>
presents several options to optimise risk-adjusted returns for our shareholders. Aligned<BR>
to this objective, the group negotiated the early redemption of the R100m notes issued<BR>
under the Domestic Medium-Term Note Programme. The notes were redeemed on 12<BR>
July 2019, utilising surplus cash, and the group therefore had no remaining interest-<BR>
bearing debt at 31 August 2019.<BR>
<BR>
To minimise the impact of share issue dilution, the PSG Konsult Group Share Incentive<BR>
Trust purchased 12 585 068 PSG Konsult shares, at a total cost of R122.1m, during the<BR>
current period to enable it to satisfy certain of its obligations in terms of the Share Incentive<BR>
Scheme.<BR>
<BR>
2. DIVIDEND DECLARATION<BR>
<BR>
Given its continued confidence in the group's prospects, the board decided to approve<BR>
and declare an interim gross dividend of 7.5 cents (2018: 7.0 cents) per share from income<BR>
reserves in respect of the six months ended 31 August 2019. The dividend amount, net<BR>
of South African dividend tax of 20%, is 6.0 cents (2018: 5.6 cents) per share for those<BR>
shareholders who are not exempt from dividend tax. The number of ordinary shares in<BR>
issue at the declaration date is 1 367 263 905 and the income tax number of the Company<BR>
in South Africa is 9550/644/07/5.<BR>
<BR>
The salient dates of the dividend declaration are:<BR>
<BR>
Declaration date Thursday, 10 October 2019<BR>
Last day to trade cum dividend Tuesday, 29 October 2019<BR>
Trading ex-dividend commences Wednesday, 30 October 2019<BR>
Record date* Friday, 1 November 2019<BR>
Date of payment Monday, 4 November 2019<BR>
<BR>
* Due to Friday, 1 November 2019 being a public holiday in Mauritius, the record date for<BR>
shareholders on the Mauritian register will be Monday, 4 November 2019, with payment<BR>
of the dividend occurring on the same date.<BR>
<BR>
As the dividend has been declared and denominated in Rand, it will be paid (in Rand) into<BR>
the bank accounts of shareholders appearing on the Mauritian register.<BR>
<BR>
Shareholders should note that share certificates may not be dematerialised or<BR>
rematerialised between Wednesday, 30 October 2019 and Friday,<BR>
1 November 2019 (both days inclusive), provided that such dematerialisation or<BR>
rematerialisation will not be permitted for shareholders on the Mauritian register between<BR>
Wednesday, 30 October 2019 and Monday, 4 November 2019 (both days inclusive).<BR>
<BR>
Shares may not be moved between the South African, Mauritian and Namibian share<BR>
registers between Wednesday, 30 October 2019 to Monday, 4 November 2019, both days<BR>
inclusive.<BR>
<BR>
3. SHORT-FORM ANNOUNCEMENT<BR>
<BR>
This short-form announcement is the responsibility of the directors of the Company. It<BR>
contains only a summary of the information in the full announcement ("Full<BR>
Announcement") and does not contain full or complete details. The Full Announcement<BR>
can be found at:<BR>
https://senspdf.jse.co.za/documents/2019/JSE/ISSE/KST/PSGKH12020.pdf<BR>
<BR>
A copy of the Full Announcement is also available for viewing on the Company's website<BR>
at https://www.psg.co.za/files/investor-relations/financial-information/PSGKH12020.pdf<BR>
or may be requested in person, at the Company's registered office or the office of the<BR>
sponsor, at no charge, during office hours.<BR>
<BR>
Any investment decisions by investors and/or shareholders should be based on<BR>
consideration of the Full Announcement, as a whole.<BR>
<BR>
Tyger Valley<BR>
10 October 2019<BR>
<BR>
JSE Sponsor: PSG Capital Proprietary Limited<BR>
NSX Sponsor: PSG Wealth Management (Namibia) Proprietary Limited, member of the<BR>
Namibian Stock Exchange<BR>
SEM authorised representative and SEM Sponsor: Perigeum Capital Ltd<BR>
<BR>
This notice is issued pursuant to the JSE Limited Listings Requirements, the SEM Listing<BR>
Rules and the Mauritian Securities Act 2005. The board of directors of PSG Konsult accepts<BR>
full responsibility for the accuracy of the information contained in this communique.<BR>
<BR>
Date: 10/10/2019 11:30:00<BR>
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