ALEXANDER FORBES LIMITED - TRADING STATEMENT
ALEXANDER FORBES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1958/001974/06)
Sharecode: AFB ISIN: ZAE000018230
Trading Statement
This Trading Statement and Cautionary Announcement is issued in accordance with
section 3.4 (b) of the JSE Securities Exchange listings requirements.
In the group"s interim results announcement for the six months ended 30
September 2003, the board advised shareholders that earnings for the full
financial year ending 31 March 2004 were expected to be broadly in line with the
previous financial year. Earnings for the full financial year ending 31 March
2004 are now expected to be materially* lower than those reported in the
previous financial year.
The change in earnings expectation is primarily due to lower than expected
profits in our International Risk Services business. In particular, the Global
(Wholesale) Broking division has experienced lower than anticipated business
volumes and the revenues of this division have been further impacted by
continued US Dollar weakness against Sterling. Notwithstanding these impacts,
this division remains a substantial contributor to the group"s profits. The
International Risk Services results will also be impacted by the redundancy
costs associated with the closure of our Argentinean office.
Full details of the group"s results for the year ending 31 March 2004 will be
published on or about 7 June 2004.
Cautionary Announcement
The above earnings information has not been reviewed and reported on by the
company"s auditors. Shareholders are therefore advised to exercise caution when
dealing in the company"s securities until the publication of the group"s
results. As a result of this cautionary announcement, the group has now entered
a closed period, which will end upon publication of the group"s results on or
about 7 June 2004.
Johannesburg, South Africa
18 March 2004
* Material is defined in the JSE Securities Exchange listings requirement as
between 10% and 30%
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