HUGE GROUP LIMITED - Restatement of the headline earnings per share for the financial year ended 28 February 2018

Restatement of the headline earnings per share for the financial year ended 28 February 2018

HUGE GROUP LIMITED
(Registration number 2006/023587/06)
Share code: HUG ISIN: ZAE000102042
(“Huge” or “the Company”)

Restatement of the headline earnings per share for the financial year
ended 28 February 2018

In terms of paragraphs 8.58(a) and 8.63(b) of the JSE Listings
Requirements, companies are required to publish headline earnings per
share in respect of each current financial year and the immediately
preceding financial year.

In its annual financial statements for the period ended 28 February 2018
(the 2018 Results), the Company disclosed headline earnings per share
of 46.34 cents after incorrectly adding back a reversal of an impairment
which was detected through the JSE’s proactive monitoring process. The
impact of the reversal of the impairment, which was disclosed in the
reconciliation between earnings per share and headline earnings per
share in the 2018 Results, was 2.78 cents per share. Accordingly, headline
earnings per share for the period ended 28 February 2018 should have
been disclosed as 49.12 cents.

As a result of the correction detailed above, the Company’s statement
relating to headline earnings per share under the highlights paragraph
of its reviewed provisional condensed consolidated annual financial
results for the year ended 28 February 2019 (the 2019 Results) published
on SENS on 3 June 2019 is withdrawn and replaced with the statement
“Headline earnings per share increased by 14% from 49.12 cents per
share to 55.81 cents per share”. There is no change to the Company’s
statement in the 2019 Results that basic earnings per share increased by
20% from 47.40 cents per share to 56.84 cents per share.

The Company expects to release its audited annual financial statements
for the year ended 28 February 2019 on or about 28 June 2019.

Johannesburg
18 June 2019


Sponsor
Questco Corporate Advisory (Pty) Ltd

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