COMPARES HOLDINGS LIMITED
(Registration number 1994/002506/06)
Share code : CPX
ISIN Code : ZAE000016812
("Comparex" or "the Group")
Trading update
The Comparex board has deemed it appropriate to issue the following trading
update in respect of the remainder of the 2002 financial year:
* largely due to a material reduction in the prospects of the product
divisions, it is now anticipated that the Group's African operations will
attain trading profit in the second half of the 2002 financial year
marginally lower than that achieved in the first half;
* trading conditions have deteriorated significantly in Europe. The Group
has accordingly retrenched a further 52 of its staff in Spain and the
Netherlands. It is therefore unlikely that the Group's European operations
will achieve profitability in the 2002 financial year;
* the Group's balance sheet remains strong with cash resources of
approximately R3 billion; and
* despite the adverse trading conditions the Group remains confident, at
prevailing interest rates and exchange rates, that it will report growth in
headline earnings for the financial year to 31 May 2002.
Midrand
8 March 2002
Rand Merchant Bank
A division of FirstRand Bank Limited
Corporate Finance
Sponsor
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