Steers Holdings Limited - Steers Holdings Limited announces interim results

Steers Holdings Limited - Steers Holdings Limited announces interim results     
Steers Holdings Limited                                                         
(registration number 1969/004875/06)                                            
Media Release                                                                   
23 October 2002                                                                 
Steers Holdings Limited announces interim results                               
Steers Holdings Limited, Africa`s leading Quick Service Restaurant franchisor   
with over 500 franchised outlets under its management, today announced its      
unaudited interim results for the 6 months ended 31 August 2002.                
Revenue growth of 16% to R142.0 million, coupled with effective management of   
costs and resources, resulted in growth in operating profit of 24% to R10.6     
million. Headline earnings per share increased by 44% to 10.4 cents per share.  
In addition stronger cash flows allowed the Group to increase its interim       
divided payment to 6 cents per share.                                           
The Franchising Division rolled out its first Church`s Chicken outlets during   
the period under review. " Market response to the latest addition to our family 
has been encouraging, and we are on target to open at least 10 Church`s Chicken 
outlets during this financial year," said Theofanis Halamandaris, the Group`s   
Chief Executive Officer. "We have also laid the groundwork for expansion into   
Australia with the opening of our first Steers outlet in Perth. Response to the 
brand has been extremely positive, both from consumers and from potential       
franchisees."                                                                   
Further investment activities by the Group during the period under review       
included the buy back of the Eastern Cape license, as well as the purchase of   
the 25% minority shareholders interest in Pouyoukas Foods (Pty) Ltd.            
"Achievements in the first half of the year, both financial and operational,    
have laid the foundation for what promises to be a rewarding year for the       
Group," said Halamandaris. "The results achieved reflect the Group`s "Best in   
its Class" commitment, a position underpinned via a loyal and dedicated         
franchisee network and an exceptional team of management and staff. We are      
confident that the level of earnings achieved in the first half of the year will
be carried through to the end of the year."                                     
ENDS                                                                            
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                                                         
Date: 23/10/2002 05:42:00 PM Supplied by www.sharenet.co.za                     
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