IST WHILE STEPPING UP QUEST FOR EXTERNAL
EXPANSION OPPORTUNITIES
Pretoria, 19 May 2003 - Technology group IST says it is accelerating its
quest for external growth prospects on the back of a strong balance sheet with
a substantial cash component.
In the 2002/03 annual report, published today, chief executive Harry Coetzee
says management has clear strategies for the further development of the group,
which has been characterised by its steady performance improvement over the past
three years.
"For some time now we have been looking at appropriate acquisitions. The object
of this exercise is not so much to diversify the group as to strengthen and
expand our existing businesses in their established markets," says Coetzee.
"In the course of last year we accelerated our quest for external growth
prospects and several interesting targets are at present being closely evaluated
at the corporate level. In addition, each of the divisions has been tasked with
bringing at least one attractive acquisition or joint-venture opportunity to the
table during this year."
The intensified focus on external opportunities does not mean that the group
will in any way be relaxing its commitment to sustained organic growth, Coetzee
says. Its local sales growth target is set at 20% for the current year and it
will also be seeking to increase export sales. Each division is expected to
generate at least one new product or significant product enhancement during this
period, and to penetrate at least one new market sector.
For further information, please contact
Harry Coetzee - Chief Executive on 012-426-7300 or 082-881-9255
Etienne Toerien - Financial Director on 012-426-7400 or 083-305-5737
Issued by du Plessis Associates on behalf of IST Group. dPA contact: Kathy du
Plessis on tel: 011-728-4701, fax:011-728 2547, mobile:083-266-5847 or e-mail:
ist@dpapr.com
ends
Date: 19/05/2003 10:00:03 AM Supplied by www.sharenet.co.za
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