Aveng Limited - Profit warning
Aveng Limited
Registration Number: 1944/018119/06
ISIN: ZAE000018081
Share code: AEG
Shareholders are referred to the chairman"s statement at the annual general
meeting held on 31 October 2003 and the previous announcement of 5 January 2004
wherein it was announced that earnings for the period ending 31 December 2003
could be materially lower than those of the corresponding period.
Shareholders are now advised that following a continued detailed analysis of
project profitability and the `knock-on" effect of the currency strength on non
Rand denominated contracts in southern Africa within the Grinaker-LTA stable,
latest projections indicate a substantial reduction in profits for both the
interim period and the year ending 30 June 2004, which may be in the region of
50% lower than that of the corresponding periods.
Management is taking urgent corrective action, including a significant
curtailment of the international operations of the Roads and Earthworks division
of Grinaker-LTA and a downscaling of the division.
Shareholders should note that the performance of the remainder of the Aveng
group remains in line with our expectations.
The financial information on which this statement is based has not been reviewed
or reported on by the company"s auditors and shareholders are therefore advised
to exercise caution in this regard when trading in the company"s shares. The
interim results are expected to be released on 8 March 2004 and the final
results for the year on 13 September 2004.
Johannesburg
2 February 2004
Sponsor: J P Morgan
Date: 02/02/2004 09:36:02 AM Supplied by www.sharenet.co.za
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