Steers Holdings Limited - Media Release

Steers Holdings Limited
(Registration number 1969/004875/06)
ISIN Code  :  ZAE000008330
Share Code :  STE
Media release
1 November 2001
Steers Holdings announces interim results

Steers Holdings Limited, Africa's leading Quick Service Restaurant

franchisor and supplier of retail and catering food products, today

announced its unaudited interim results for the 6 months ended 31 August
2001.

The Group also announced that it had entered into negotiations with AFC
Enterprises Inc of the United States of America for the exclusive rights to
the Church's Chicken trademark in Africa.

Kevin Hedderwick, Chief Operating Office: Franchising, described the 1st
half of the year as extremely demanding. "The results generated by the Group
have been lower than expected, especially in our Manufacturing and

Distribution Division where we have experienced immense pressure on our
margins. The weakening of the Rand and the decrease of supply or red meat
arising from the Foot and Mouth and Mad Cow epidemics, was one of the
factors that contributed to the lower operating profit in this division".
The Groups franchise division, through its network of over 450 franchised
Steers, Debonairs Pizza and FishAways outlets, posted positive growth in
operating profit of 4%. "The strength of the Groups brands are reflected in
the positive growth achieved in this division," says Hedderwick. "We are
confident that, with our hands on management approach and the increase in
activity that we normally experience in the 2nd half of the year, we can
improve on our performance in the first six months."

The Group expects to conclude the agreement with AFC Enterprises shortly,
which will herald the Groups entry into the mainstream Quick Service

Restaurant chicken category where the Group was previously not represented.
"The association with Church's Chicken will add immense value to the Group,
not only in respect of additional revenue, but also in respect of the
sharing of information and the benchmarking of standards", says Hedderwick.
E N D S
For further information, please contact:
1)  Kevin Hedderwick
    Chief Operating Officer: Franchising
    011 651 5714
    kevin@steers.co.za
2)  Paris Papageorgiou
    Group Financial Director
    011 651 5900
    paris@steers.co.za