IST Group Limited - Trading Update And Cautionary Announcement
IST GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/011521/06)
Share code: IST ISIN: ZAE000015798
(`IST`)
TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT
Shareholders are advised that IST`s earnings per share and headline earnings per
share for the six months ending 31 August 2004 are likely to be substantially
lower (`substantially` being a decrease equal to or greater than 30% as defined
in the revised JSE Securities Exchange South Africa Listings Requirements) than
those reported for the corresponding period of the previous financial year. This
is due to continued difficult trading conditions and delays in the finalisation
and award of certain key contracts.
The annual report for the year ended 29 February 2004 referred to a number of
initiatives aimed at growing the business of IST. Although progress has been
made in this regard, these initiatives are not yet contributing to income.
IST`s balance sheet reflected cash on hand of R32.3 million as at 29 February
2004. This balance has diminished subsequent to the year-end and as at 31 July
2004, the net cash position reflected an overdraft of approximately R3 million.
IST`s results for the six months ending 31 August 2004 have not yet been
reviewed and reported on by IST`s auditors. Shareholders are advised to exercise
caution when dealing in IST`s shares until the aforementioned interim results
are published.
Pretoria
17 August 2004
Investment bank and sponsor
Nedbank Capital
Date: 17/08/2004 10:15:12 AM
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