South Ocean Holdings Limited provided earnings guidance for the full year ended December 31, 2013. The company's headline earnings per share for the 12 months ended 31 December 2013 are expected to be between 35% to 45% lower than for the corresponding prior year and earnings per share are expected to be between 0% and 10% lower than for the corresponding prior year. The decrease in earnings relates to an impairment charge of ZAR 148 million for goodwill that arose on the acquisition of the Radiant Group in 2007, resulting in the goodwill amount being impaired in full.

The directors have taken the decision that the impairment of the goodwill is prudent based on the earnings history of Radiant Group and the subdued market conditions at present.