Faritec Holdings Limited - Trading Update And Cautionary Announcement
Faritec Holdings Limited
(Registration number 1998/004872/06)
Share code: FRT
ISIN: ZAE000016838
("Faritec" or "the company")
TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT
In terms of the Listing Requirements of the JSE Securities Exchange South Africa
("JSE Listing Requirements"), a listed company is required to publish a trading
statement as soon as it becomes aware that the financial results for the next
reporting period will be materially different from those of the corresponding
period of the previous year.
Accordingly, Faritec shareholders are advised that Faritec"s headline earnings
per share and basic earnings per share for the year ended 30 June 2004 are
expected to be significantly lower than the headline earnings per share and
basic earnings per share in respect of the corresponding period of the previous
financial year. This will result in a headline loss per share and basic loss per
share for the year ended 30 June 2004. In terms of the JSE Listing Requirements
"significantly" is defined as a decrease of between 30% or more.
The decrease is largely attributable to the increase in costs and a delay in
resultant revenue. Whilst the level of business activity remains positive, the
investments in new managed services businesses have not yielded the returns in
the anticipated time frame. An action plan is being developed to reduce costs
and accelerate the returns from these investments. This action plan will be
communicated once it is finalised and approved by the Faritec board.
Faritec shareholders are advised that the above information has not been
reviewed or reported on by the company"s auditors and are accordingly advised to
exercise caution when dealing in the company"s securities until the release of
the final results on or about 15 September 2004.
Woodmead
19 May 2004
Sponsor
Java Capital
Date: 19/05/2004 05:45:05 PM Produced by the JSE SENS Department
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