Tradehold Ltd - Trading Statement
TRADEHOLD LIMITED
Registration number 1970/009054/06
Incorporated in the Republic of South Africa
Share code: TDH. ISIN: ZAE000026902
Shareholders` attention is drawn to a statement issued by Tradehold`s
subsidiary, Brown & Jackson plc, on 30 May 2002 and which appears below.
It must be noted that the goodwill impairment charges and the amortisation
charge referred to in the first paragraph in the statement will have no
effect on Tradehold`s results as these have previously been fully accounted
for in terms of the then applicable South African Generally Accepted
Accounting Practice.
BROWN & JACKSON PLC
TRADING UPDATE
"On 14 February 2002, when the Company announced its interim results for the
26 weeks ended 29 December 2001, the board of Brown & Jackson (the "Board")
stated that like for like sales remained flat in the second half of the
financial year. The Board also expected to report a result approximating to
break even for the year ending 29 June 2002 before goodwill impairment
charges of 18.8 million (relating to the carrying value of The Famous
Brunswick Warehouse ("TFBW")) and an amortisation charge of 0.5 million.
"As stated in the interim announcement, this result was expected following
the review carried out by the Group of old and slow moving stock lines in
order to clean up the business and prepare for future growth.
"The Board announced today that further markdowns have been necessary in the
second half due to continued trading difficulties at What Everyone Wants and
TFBW. The Board now expects to report an operating loss before interest and
goodwill impairment charges for the year ending 29 June 2002. Like for like
sales for the year are expected to remain flat overall compared with the
previous year.
"Much is being done to address key operational issues within the Group
following a series of changes at the divisional management level.
"The Board expects to report its results for the year ending 29 June 2002
during August 2002 when an update on progress with the current strategy will
be given."
For and on behalf of the Board
Dr C H Wiese
Chairman
30 May 2002
Sponsor: Barnard Jacobs Mellet Corporate Finance (Pty) Limited
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