FINANCIAL INSOURCING SPECIALISTS LIMITED
(Registration number 1998/003821/06)
("the Company")
UNAUDITED GROUP RESULTS
for the three months ended 31 March 2001
Increase in attributable earnings : 158%
Increase in headline earnings : 101%
SUMMARISED UNAUDITED INCOME STATEMENT (R'000)
2001 2000 % change
Operating income 9 003 3 380 166%
Interest income 623 578
Net income before taxation 9 626 3 958 143%
Taxation 2 188 1 076
Profit attributable to shareholders 7 438 2 882 158%
Weighted average number of shares ('000s) 74 000 57 630
Headline earnings per share (cents) 10,1 5,0 101%
COMMENTARY ON RESULTS
The improved profitability is pleasing given the difficulties experienced over
the last year and is largely attributable to the introduction of working
capital management solutions to both private and public sector entities. This
initiative operates under the MICRO mega brand. The money broking operation
continues to exceed expectations due to the expansion of their services to meet
the continued growth of international players in the local markets. The
integration of revenue management techniques for Local Authorities is proving
to be the most exciting introduction to our product range. A number of clients
have already been secured in this category.
PROSPECTS
We remain committed to earnings growth for the current year at a level
significantly above the average for our sector. The response from the market
to our fully insourced treasury solutions is receptive to the extent that we
are in advanced discussions with a number of public sector entities. We will
continue with the growth of our working capital management solutions as these
provide the foundation for upgrading clients to the more expansive insourcing
service. The expansion of our Global Credit Rating Company into Africa and the
hard currency annuity income generated from this business are anticipated to
contribute meaningfully to group earnings. Our business initiatives in the
global debt rating market are designed to position us as the fourth largest
international rating agency.
By order of the Board
Directors: J.E. Newbury (Non-Executive Chairman), D.C. King (Chief Executive),
A.G. Fletcher, I.G. Morris, M.M. Ngoasheng, F.R. Proudfoot
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