Global Technology Limited - Trading statement
GLOBAL TECHNOLOGY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1996/009809/06)
Share code GLT
ISIN ZAE000016820
("Glotec" or "the company")
Following the Board meeting on 22 August 2002, Global Technology`s directors
wish to provide shareholders with an update on trading for the six months to 30
June 2002. Revenue, operating margins and operating profit have increased
substantially in relation to the comparative period last year. However,
attributable profit for the period will be considerably lower than the same
period last year, due to the lower associate income from TEMENOS (as reported on
SENS on 27 July 2002), foreign exchange losses, which resulted from the dramatic
recovery of the Rand in the first quarter of 2002, and increased interest costs.
For the six months to December 2002, Global Technology expects a continued
improvement in operating profit, whilst TEMENOS has indicated that they are
expecting improved second half results. Furthermore, Global Technology is not
expecting the foreign exchange losses to be repeated and anticipates reduced
interest costs.
Full details in this regard will be provided in Global Technology`s interim
results on 12 September 2002, at which time the Board will provide guidance for
the full year ending 2002.
Johannesburg
27 August 2002
Company Secretary
Arcay Client Support (Pty) Ltd
(Registration number 1998/025284/07)
Date: 27/08/2002 05:30:00 PM Produced by the JSE SENS Department
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