September 2001
FINANCIAL INSOURCING SPECIALISTS LIMITED
(Registration number 1998/0033821/06)
("the company")
Unaudited Group Results
For the nine months ended 30 September 2001
Increase in attributable earnings : 75%
Increase in headline earnings : 61%
Summarised Unaudited income statement (R'000)
2001 2000 % change
Operating income 29 273 15 180 93%
Interest income 2 113 2 323 79%
Net income before
taxation 31 386 17 503 -
Taxation (6 879) (3 501)
Profit attributable to
shareholders 24 507 14 002 75%
Weighted average number of
shares (`000s) 74 260 68 366 -
Headline earning per
share (cents) 33.0 20.5 61%
Commentary on Results
We are pleased that the strong growth shown for the first 6 months has
continued into the third quarter. All business units have performed ahead
of budget. The acquisitions that were undertaken to provide a fast start
into public sector revenue management have been fully integrated into the
group. The have provided the platform for the organic growth opportunities
that we had identified in this sector.
Our treasury and risk management services have been re-modelled to meet the
current needs of the public sector and to ensure that they fit neatly into
our new business model which is primarily driven by integrated revenue
management solutions. In view of the rebranding of our marketing efforts
under the MICROmega umbrella, shareholders will shortly be asked to approve
a name change for the company to MICROmega Holdings Limited, subject to JSE
approval.
Prospects
It is anticipated that the market conditions that we have enjoyed during the
first nine month will prevail for the balance of the year. We will continue
to exploit the public sector through growth via new products to our existing
client base and through the acquisition of new clients. This bodes well for
earning growth into next year.
By order of the Board
Directors: J E Newbury (Non-Executive Chairman), I G Morris (Managing), A G
Fletcher, D C King, M M Ngoasheng, F R Proudfoot, Company Secretary -
Corporate Governance CC
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