W.G. Wearne Limited reported unaudited consolidated earnings results for the six months ended August 31, 2012. For the period, the company reported a reduction in headline loss a share to 1.28 cents from 9.03 cents in the previous corresponding period. Revenue rose 20.87% to ZAR 212.720 million from ZAR 175.992 million. This was largely attributable to a 66.69% or ZAR 38.1 million increase in revenue by the ready-mixed concrete division. Earnings before interest, tax, depreciation and amortization gained 134.5% to ZAR 27.842 million from ZAR 11.876 million. The higher revenues, increased margins and reduction in operating expenses resulted in the group reducing its total comprehensive loss by 85.34% to ZAR 3.6 million from ZAR 24.7 million. EBIT was ZAR 9.867 million compared to LBIT of ZAR 9.419 million a year ago. Loss before taxation was ZAR 3.765 million compared to ZAR 24.956 million a year ago. Loss from continuing operations was ZAR 3.627 million or 1.33 cents per basic and diluted share compared to ZAR 25.519 million or 12.27 cents per basic and diluted share a year ago. Loss for the period was ZAR 3.627 million compared to ZAR 24.812 million a year ago. Continuing and discontinued operations basic and diluted loss per share was 1.33 cents compared to 11.93 cents a year ago. Headline loss attributable to ordinary shareholders was ZAR 3.488 million compared to ZAR 18.777 million a year ago. Cash flows from operating activities were ZAR 15.483 million compared to ZAR 1.167 million a year ago. Net cash flows used in continuing operations were ZAR 20.047 million compared to net cash flows from continuing operations of ZAR 54.767 million a year ago.

W.G. Wearne Limited provided earnings guidance for the six months ended August 31, 2012. The shareholders are advised that the directors expect a loss per share and headline loss per share of between 1.20 cents and 1.50 cents and 1.20 cents and 1.50 cents per share respectively compared to a loss per share of 11.93 cents and a headline loss per share of 9.03 cents for the six months ended 31 August 2011. The financial results for the period to be reported on will differ by more than 20% from the previous corresponding period.

W.G. Wearne Limited announced of the appointment of Mr. Matsobane Carl Khwinana as a non-executive director to the board of directors on September 5, 2012. He currently works for Industrial Development Corporation of South Africa Limited.