Glenrand M.I.B Limited - Trading Statement
Glenrand M.I.B Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/008001/06)
Share Code: GMB ISIN: ZAE000018529
(`Glenrand M.I.B`)
TRADING STATEMENT
In terms of the JSE Securities Exchange South Africa Listings Requirements,
companies are required to publish a trading statement as soon as they are
reasonably certain that the financial results for the current reporting period
will be more than 20% different than that of the previous corresponding period.
In light of the above, Glenrand M.I.B expects to announce that, for the six
months ended 31 December 2004, headline earnings per share will be between 9 and
11 cents per share, with earnings per share between 6 and 8 cents per share.
This compares with the results for the corresponding six months period to 31
December 2003 being 11.6 cents for headline earnings and 12.1 cents for
earnings.
We have not achieved expected income growth due to lower organic growth in the
risk advisory services segment of the business, a decrease in the investment
income earnings as a result of a reduction in interest rates over the prior
period and the softer market environment.
In view of the disappointing results for the first six months it is unlikely
that the previously expected growth in real terms in the headline earnings will
be achieved for the full year to 30 June 2005.
The above expected information for the six months ended 31 December 2004 has not
been reviewed or reported on by the company`s auditors. The company`s results
for the six months ended 31 December 2004 are expected to be published on or
about 25 February 2005.
Johannesburg
11 February 2005
Sponsor
Nedbank Capital
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