INSURANCE OUTSOURCING MANAGERS HOLDINGS LIMITED - TRADING UPDATE AND CAUTIONARY
ANNOUNCEMENT
INSURANCE OUTSOURCING MANAGERS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013121/06)
(`INSURE` or `the company`)
JSE Code: INS ISIN Code: ZAE 000033221
TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT
INSURE directors provide shareholders with an update on trading to 31 August
2004. Net profit after taxation is expected to be substantially lower in
relation to the comparative period in the prior year (substantially being an
increase or decrease in excess of 30% as defined in the revised JSE Listings
Requirements). The decline, as mentioned in the audited results announcement
for the year ended 29 February 2004, is as a result of the Prime interest rate
declining by 32% for the comparative periods (17% to 11,5%), having a negative
impact on the gross margins of the business.
The acquisition of Premium Credit in October 2003 and Anvil in June 2004, as
well as organic growth associated with the core business required additional
investment in human resources ahead of the anticipated increases in business
revenues and volumes.
Full details of the above will be provided when the company publishes its
interim results in October 2004.
As the earnings estimate has not been reviewed or audited by the company`s
auditors, shareholders are advised to exercise caution when dealing in their
securities until the company publishes its annual results on SENS.
Johannesburg
23 July 2004
Designated Advisor
Arcay Group Limited
Date: 23/07/2004 04:00:02 PM Produced by the JSE SENS Department
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