Hercol Joins Media Sector On JSE
Heritage Collection Holdings Limited
PRESS RELEASE
19 AUGUST 2002
HERCOL JOINS MEDIA SECTOR ON JSE
A move in classification from the Retail Sector to the Media Sector on the
Johannesburg Stock Exchange is announced today by Heritage Collection Holdings
Limited (HERCOL).
Barry Lloyd, Chief Executive Officer of Heritage, confirmed that the change in
classification became necessary as over eighty percent of the Group`s business
is derived from publishing and in particular from Reader`s Digest licensed
products. The Reader`s Digest is the world`s largest selling magazine with a
combined circulation of over 20 million and is published in 19 languages, 48
editions and in more than 60 countries. In South Africa readership is in excess
of one million readers each month.
The Company also publishes special interest books in such categories as health,
general knowledge, wildlife and travel. Their recently published "Illustrated
History of Southern Africa" sold more than 250 000 copies.
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In addition Reader`s Digest Southern Africa is a major music and video publisher
with access to RDA INC wholly owned vault music set of more than 20 000 music
titles. The Group primarily markets its products through direct mail but
continues to expand its retail presence.
"This change in classification more accurately reflects the nature of the
group," says Lloyd. "We intend to concentrate far more heavily on the publishing
side of the business in the future and leverage ourselves off the expertise we
can gain through our international associate Reader`s Digest offices. The
margins on our products that we can pick up from our overseas counterparts are
substantial and will help us grow our business in the future."
On Friday HERCOL released its Interim results which showed headline earnings of
6.5c earnings per share as compared to the 1.1c for the comparal period last
year.
-ENDS-
Issued By: The Public Relations Department
Heritage Collection Holdings Limited
10 Mill Street
Newlands 7708
Private Bag 4
Capemail 8003
Tel: 021-670 2616
Fax: 021-670 6204
Email: nnursey@heritage.co.za
Date: 20/08/2002 08:08:49 AM Produced by the JSE SENS Department
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