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Group Five limited - Announcement
Group Five Limited
(Registration Number: 1969/000032/06)
(Incorporated in the Republic of South Africa)
Share Code: GRF ISIN Code: ZAE 000027405
("the company or Group")
GROUP FIVE ANNOUNCEMENT
Group Five today (15 May 2002) made the following announcements:
MANUFACTURING
At the interim stage, Group Five reported that the problems in both Everite
and AC Pipes remained a cause for concern in the short to medium term and
that the Group would provide the market with an update in May 2002 on
developments at its manufacturing business units, which contribute about 15%
to the Group`s turnover.
Everite Building Products
The benefits of the single site project and refurbishment at Kliprivier are
now becoming evident, with production improving on a weekly basis. New
operational management has been entrenched and has played a meaningful role
in achieving higher levels of production efficiency. Recent appointments
have further strengthened the team.
Vaal Sanitaryware
Vaal`s profitability continues to grow in line with that achieved at interim
result time.
AC Pipes
As indicated in February, AC Pipes has been downsized and production has now
stopped. Whilst the company will continue to trade, operations have been
drastically reduced and future cash flows are expected to be positive.
Group Five Pipe
The South African operation has been mothballed. Going forward, the Group
will focus on its Saudi Arabian operation, which shows strong growth
potential.
DPI Plastics
Despite difficult trading conditions, the company continues to deliver
expected bottom line performance.
"We have now downsized or closed operations with limited potential and
focused on turning around the other businesses, although it took longer than
anticipated. We have strong management in place in our continuing
operations and look forward to improved performance in the future," said
Group Five Ceo Mike Lomas.
RESIGNATION
The Group also announced the Barry van Wyk, the MD of Infrastructural
Development Services, has resigned from the Group and from the Board. He
will be leaving the Group at the end of June 2002 to start his own business.
His services will still be available on a consulting basis thereafter.
The business unit has a full order book, which will be managed by the
remaining team who will report directly to the Group`s Executive Director of
Finance, Howard Turner, until a successor is appointed.
15 May 2002
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 15/05/2002 10:48:57 AM Produced by the SENS Department
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