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WORKFORCE HOLDINGS LIMITED - Unaudited Condensed Interim Financial Results for the Six Months Ended 30 June 2017

Release Date: 24/08/2017 07:30
Code(s): WKF     PDF:  
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Unaudited Condensed Interim Financial Results
for the Six Months Ended 30 June 2017

Workforce Holdings Limited
(Incorporated in the Republic of South Africa) 
(Registration number 2006/018145/06)
(JSE Share Code: WKF ISIN: ZAE000087847) 
("Workforce" or "the group")

Unaudited condensed interim financial results
for the six months ended 30 June 2017

Highlights
- Revenue increased by 14.5% to R1,4 billion
- EBITDA increased by 4.7% to R69 million
- Net asset value per share increased by 22.9% to R2,15
- Tangible net asset value per share increased by 19.6% to R1,32
- Cash flows from operating activities improved to R45 million (June 2016: R10 million)
- Headline earnings per share ("HEPS") increased by 5.1% to 18,6 cents
- Diluted earnings per share increased by 6.4% to 18,3 cents

Condensed consolidated statement of comprehensive income
for the six months ended 30 June 2017
                                        
                                              Six months    Six months                    Year to
                                              to 30 June    to 30 June    Increase/   31 December
                                                    2017          2016    (decrease)         2016
                                      Notes        R'000         R'000            %         R'000
Revenue                                        1 366 109     1 192 824         14.5     2 523 405
Cost of sales                                 (1 053 104)     (904 024)        16.5    (1 924 425)
Gross profit                                     313 005       288 800          8.4       598 980
Other income                                           -             -                        720
Operating costs                                 (243 945)     (222 865)         9.5      (461 810)
Earnings before interest, taxation,                                           
depreciation and amortisation                                                 
("EBITDA")                                        69 060        65 935          4.7       137 890
Depreciation and amortisation of                                         
non-financial assets                             (12 969)       (8 008)        62.0       (17 476)
Operating profit                                  56 091        57 927         (3.2)      120 414
Finance income                                       606           308         96.8           711
Finance costs                                    (13 602)      (13 789)        (1.4)      (29 957)
Profit before taxation                            43 095        44 446         (3.0)       91 168
Taxation (expense)/credit                 9       (1 574)       (3 811)       (58.7)          735
Profit for the period                             41 521        40 635          2.2        91 903
Other comprehensive income/(loss)                                        
for the period                                       375           (46)                      (224)
Fair value gains/(losses) on                                             
available-for-sale financial assets                  375           (46)                      (224)
Total comprehensive income for                                           
the period                                        41 896        40 589                     91 679
Income for the period                                                    
attributable to:                                                         
Owners of the parent                              42 461        40 671                     91 604
Non-controlling interests                           (940)          (36)                       299
                                                  41 521        40 635                     91 903
Total comprehensive income                                                               
attributable to:                                                                         
Owners of the parent                              42 836        40 625                     91 380
Non-controlling interests                           (940)          (36)                       299
                                                  41 896        40 589                     91 679
Earnings per share (cents)               10                              
Basic                                               18,7          18,0                       40,1
Diluted                                             18,3          17,2                       38,1
                                                                         
Condensed consolidated statement of financial position                   
at 30 June 2017                                                          
                                                                 As at        As at         As at
                                                               30 June      30 June   31 December
                                                                  2017         2016          2016
                                                   Notes         R'000        R'000         R'000
Assets                                                                               
Non-current assets                                             247 732      198 156       199 060
Property, plant and equipment                          5        19 784       17 318        18 015
Goodwill                                               6       141 166      102 287       102 287
Intangible assets                                      7        48 188       40 953        39 130
Deferred tax assets                                             35 510       34 711        36 919
Other financial assets                                           3 084        2 887         2 709
Current assets                                                 679 753      671 126       688 090
Trade and other receivables                                    651 676      638 609       610 219
Inventories                                                      3 294        4 264         2 742
Cash and cash equivalents                                       24 783       28 253        75 129
Total assets                                                   927 485      869 282       887 150
Equity and liabilities                                                                  
Equity                                                         489 104      395 498       446 768
Share capital and premium                                      241 867      241 867       241 867
Treasury shares                                                (12 454)      (8 748)       (9 330)
Reverse acquisition reserve                                          -     (125 499)            -
Available-for-sale reserve                                         837          640           462
Equity-settled employee                                                                 
benefits reserve                                                 5 901        1 158         2 337
Retained earnings                                              253 616      285 721       211 155
Equity attributable to owners of the parent                    489 767      395 139       446 491
Non-controlling interests                                         (663)         359           277
Non-current liabilities                                         54 434       77 197        40 349
Financial liabilities                                           40 278       66 581        30 840
Deferred tax liabilities                                        14 156       10 616         9 509
Current liabilities                                            383 947      396 587       400 033
Trade and other payables                                       145 006      142 630       115 231
Financial liabilities                                          238 224      251 379       283 857
Taxation                                                           717        2 578           945
Total equity and liabilities                                   927 485      869 282       887 150

Condensed consolidated statement of changes in equity

                                                                                            Share
                                                                                      capital and
                                                                                          premium
                                                                                            R'000
For the six months ended 30 June 2017                                                
Balance at 1 January 2017                                                                 241 867
Recognition of share-based payments                                                             -
Buy-back of shares                                                                              -
Total comprehensive income for the period                                                       -
Balance at 30 June 2017                                                                   241 867
For the six months ended 30 June 2016                                                
Balance at 1 January 2016                                                                 241 867
Recognition of share-based payments                                                             -
Issue of ordinary shares under employee share option plan                                       -
Additional non-controlling interest arising on business combination                             -
Total comprehensive income for the period                                                       -
Balance at 30 June 2016                                                                   241 867
For the year ended 31 December 2016                                                  
Balance at 1 January 2016                                                                 241 867
Payment of dividends                                                                            -
Recognition of share-based payments                                                             -
Buy-back of shares                                                                              -
Issue of ordinary shares under employee share option plan                                       -
Additional non-controlling interest arising on business combination                             -
Transfer of reverse acquisition reserve to retained earnings                                    -
Total comprehensive income for the year                                                         -
Balance at 31 December 2016                                                               241 867

                                                             Attributable to owners of the parent

                                                                                          Equity-
                                                                                          settled
                                                                         Available-      employee
                                                             Treasury      for-sale      benefits
                                                               shares       reserve       reserve
                                                                R'000         R'000         R'000
For the six months ended 30 June 2017                                                   
Balance at 1 January 2017                                      (9 330)          462         2 337
Recognition of share-based payments                                 -             -         3 564
Buy-back of shares                                             (3 124)            -             -
Total comprehensive income for the period                           -           375             -
Balance at 30 June 2017                                       (12 454)          837         5 901
For the six months ended 30 June 2016                                                   
Balance at 1 January 2016                                      (9 488)          686         1 659
Recognition of share-based payments                                 -             -           357
Issue of ordinary shares under employee share                                           
option plan                                                       740             -          (858)
Additional non-controlling interest arising on                                          
business combination                                                -             -             -
Total comprehensive income for the period                           -           (46)            -
Balance at 30 June 2016                                        (8 748)          640         1 158
For the year ended 31 December 2016                                                     
Balance at 1 January 2016                                      (9 488)          686         1 659
Payment of dividends                                                -             -             -
Recognition of share-based payments                                 -             -         1 536
Buy-back of shares                                             (1 714)            -             -
Issue of ordinary shares under employee share                                           
option plan                                                     1 872             -          (858)
Additional non-controlling interest arising on                                          
business combination                                                -             -             -
Transfer of reverse acquisition reserve to                                              
retained earnings                                                   -             -             -
Total comprehensive income for the year                                        (224)            -
Balance at 31 December 2016                                    (9 330)          462         2 337

                                                            Attributable to owners of the parent

                                                              Reverse                   
                                                          acquisition      Retained     
                                                              reserve      earnings         Total
                                                                R'000         R'000         R'000
For the six months ended 30 June 2017                                                   
Balance at 1 January 2017                                           -       211 155       446 491
Recognition of share-based payments                                 -             -         3 564
Buy-back of shares                                                  -             -        (3 124)
Total comprehensive income for the period                           -        42 461        42 836
Balance at 30 June 2017                                             -       253 616       489 767
For the six months ended 30 June 2016                                                   
Balance at 1 January 2016                                    (125 499)      245 050       354 275
Recognition of share-based payments                                 -             -           357
Issue of ordinary shares under employee share                                           
option plan                                                         -             -          (118)
Additional non-controlling interest arising on                                          
business combination                                                -             -             -
Total comprehensive income for the period                           -        40 671        40 625
Balance at 30 June 2016                                      (125 499)      285 721       395 139
For the year ended 31 December 2016                                                     
Balance at 1 January 2016                                    (125 499)      245 050       354 275
Payment of dividends                                                -             -             -
Recognition of share-based payments                                 -             -         1 536
Buy-back of shares                                                  -             -        (1 714)
Issue of ordinary shares under employee share                                           
option plan                                                         -             -         1 014
Additional non-controlling interest arising on                                          
business combination                                                -             -             -
Transfer of reverse acquisition reserve to                                              
retained earnings                                             125 499      (125 499)            -
Total comprehensive income for the year                             -        91 604        91 380
Balance at 31 December 2016                                         -       211 155       446 491

                                                                               Non-
                                                                        controlling
                                                                           interest         Total
                                                                              R'000         R'000
For the six months ended 30 June 2017                                  
Balance at 1 January 2017                                                       277       446 768
Recognition of share-based payments                                               -         3 564
Buy-back of shares                                                                -        (3 124)
Total comprehensive income for the period                                      (940)       41 896
Balance at 30 June 2017                                                        (663)      489 104
For the six months ended 30 June 2016                                        
Balance at 1 January 2016                                                       (28)      354 247
Recognition of share-based payments                                               -           357
Issue of ordinary shares under employee share option plan                         -          (118)
Additional non-controlling interest arising on business combination             423           423
Total comprehensive income for the period                                       (36)       40 589
Balance at 30 June 2016                                                         359       395 498
For the year ended 31 December 2016                                          
Balance at 1 January 2016                                                       (28)      354 247
Payment of dividends                                                           (417)         (417)
Recognition of share-based payments                                               -         1 536
Buy-back of shares                                                                -        (1 714)
Issue of ordinary shares under employee share option plan                         -         1 014
Additional non-controlling interest arising on business combination             423           423
Transfer of reverse acquisition reserve to retained earnings                      -             -
Total comprehensive income for the year                                         299        91 679
Balance at 31 December 2016                                                     277       446 768

Condensed consolidated statement of cash flows
for the six months ended 30 June 2017

                                                           Six months    Six months       Year to
                                                           to 30 June    to 30 June   31 December
                                                                 2017          2016          2016
                                                   Notes        R'000         R'000         R'000
Cash generated from operations before                                                
net working capital changes                                    55 735        53 959       109 763
Cash generated from operations                      14.1       66 340        66 768       136 989
Finance income                                                    606           308           711
Finance costs                                                 (11 163)      (12 076)      (26 493)
Taxation paid                                                     (48)       (1 041)       (1 444)
Increase in net working capital                     14.2      (10 405)      (43 889)      (40 551)
Cash flows from operating activities                           45 330        10 070        69 212
Cash flows from investing activities                          (46 461)      (33 587)      (55 992)
Property, plant and equipment                                                        
acquired - maintaining operations                      5       (3 508)       (3 050)       (7 170)
Proceeds on disposal of property, plant                                              
and equipment                                                     565           210           791
Dividend income                                                     -             -           720
Intangible assets acquired - maintaining                                             
operations                                             7       (2 989)       (3 815)       (8 452)
Net cash flow on acquisition of                                                      
business combinations                               14.3      (40 529)      (26 932)      (41 881)
Cash flows from financing activities                          (49 215)       38 706        48 845
(Repayment)/increase of borrowings                            (46 091)       40 420        51 834
Payment for buy-back of shares                                 (3 124)       (1 714)       (1 714)
Cash-settled share-based payments                                   -             -          (858)
Dividends paid                                                      -             -          (417)
Net change in cash and cash equivalents                       (50 346)       15 189        62 065
Cash and cash equivalents at                                                         
beginning of period                                            75 129        13 064        13 064
Cash and cash equivalents at                                                         
end of period                                                  24 783        28 253        75 129

Notes to the unaudited condensed consolidated interim financial statements
for the six months ended 30 June 2017

1.   Nature of operations and general information
     Workforce Holdings Limited is a holding company whose subsidiaries specialise in outsourcing, 
     recruitment and specialist staffing, training and consulting, employee health management, 
     process outsourcing, financial services and lifestyle products.
 
     The unaudited condensed interim financial statements are presented in South African Rand 
     ("ZAR"), which is also the functional currency of the parent company.
 
     The unaudited condensed interim financial statements were approved for issue by the board 
     of directors of Workforce ("the board") on 23 August 2017.
 
2.   Basis of preparation and significant accounting policies
     The unaudited condensed consolidated interim financial statements have been prepared in 
     accordance with the Listings Requirements of JSE Limited ("JSE") for interim financial 
     statements, International Accounting Standard("IAS") 34, Interim Financial Reporting and the 
     South African Companies Act, 2008 (Act 71 of 2008), as amended, the SAICA Financial 
     Reporting Guides, as issued by the Accounting Practice Committee, as well as the SAICA 
     Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council.
 
     The unaudited condensed interim financial statements for the six months ended 30 June 2017 
     were compiled under  the  supervision  of  W  van  Wyk,  CA(SA),  the  group  financial  
     director.  The  unaudited  condensed consolidated interim financial statements have been 
     prepared using the measurement basis specified by International Financial Reporting 
     Standards ("IFRS") for each type of asset, liability, income and expense and have been 
     applied consistently with the accounting policies in the annual financial statements for the 
     year ended 31 December 2016.
 
3.   Events after reporting date
     No material events occurred between the reporting date and the date of approval of these 
     condensed financial statements.
 
4.   Auditor's responsibility
     These unaudited condensed interim financial results have not been audited nor reviewed by 
     the group's auditors.

                                                                Motor      Computer    Industrial
                                                             vehicles     equipment     equipment
                                                                R'000         R'000         R'000
5.   Property, plant and equipment                           
     Six months to 30 June 2017                              
     Carrying amount at 1 January 2017                          3 693         4 140         1 872
     Additions                                                      -         1 793           568
     Disposals                                                   (281)            -             -
     Acquired through business combination                        417           719           686
     Depreciation                                                (853)       (1 584)         (607)
     Carrying amount at 30 June 2017                            2 976         5 068         2 519
     Six months to 30 June 2016                                                          
     Carrying amount at 1 January 2016                          3 393         2 524         2 026
     Additions                                                      4         1 525           373
     Disposals                                                   (236)          (66)            -
     Acquired through business combination                      1 311            28            52
     Depreciation                                                (461)         (862)         (314)
     Carrying amount at 30 June 2016                            4 011         3 149         2 137
     Carrying amount at 1 January 2016                          3 393         2 524         2 026
     Additions                                                    984         3 345           445
     Disposals                                                   (637)          (23)          (16)
     Acquired through business combination                      1 259            43            53
     Depreciation                                              (1 306)       (1 749)         (636)
     Carrying amount at 31 December 2016                        3 693         4 140         1 872
                                                                                                                                                                    
                                                               Office     Leasehold      Training                                                        
                                                            equipment  improvements       manuals
                                                                R'000         R'000         R'000
     Six months to 30 June 2017
     Carrying amount at 1 January 2017                          2 827           130         2 653
     Additions                                                    670           220           257
     Disposals                                                      -             -             -
     Acquired through business combination                        985             -             -
     Depreciation                                                (729)          (28)         (464)
     Carrying amount at 30 June 2017                            3 753           322         2 446
     Six months to 30 June 2016                                               
     Carrying amount at 1 January 2016                          1 361           183         2 989
     Additions                                                  1 116             7            25
     Disposals                                                      -             -             -
     Acquired through business combination                         58             -             -
     Depreciation                                                (341)          (47)          (30)
     Carrying amount at 30 June 2016                            2 194           143         2 984
     Carrying amount at 1 January 2016                          1 361           183         2 989
     Additions                                                  2 193            25           178
     Disposals                                                      -             -             -
     Acquired through business combination                         62             -             -
     Depreciation                                                (789)          (78)         (514)
     Carrying amount at 31 December 2016                        2 827           130         2 653
 
                                                                           Land and
                                                                          buildings         Total
                                                                              R'000         R'000
     Six months to 30 June 2017                                                          
     Carrying amount at 1 January 2017                                        2 700        18 015
     Additions                                                                    -         3 508
     Disposals                                                                    -          (281)
     Acquired through business combination                                        -         2 807
     Depreciation                                                                 -        (4 265)
     Carrying amount at 30 June 2017                                          2 700        19 784
     Six months to 30 June 2016                                                          
     Carrying amount at 1 January 2016                                        2 700        15 176
     Additions                                                                    -         3 050
     Disposals                                                                    -          (302)
     Acquired through business combination                                        -         1 449
     Depreciation                                                                 -        (2 055)
     Carrying amount at 30 June 2016                                          2 700        17 318
     Carrying amount at 1 January 2016                                        2 700        15 176
     Additions                                                                    -         7 170
     Disposals                                                                    -          (676)
     Acquired through business combination                                        -         1 417
     Depreciation                                                                 -        (5 072)
     Carrying amount at 31 December 2016                                      2 700        18 015

                                                                                            Total
                                                                                            R'000
6.   Goodwill
     Six months to 30 June 2017
     Carrying amount at 1 January 2017                                                    102 287
     Acquired through business combination                                                 38 879
     Carrying amount at 30 June 2017                                                      141 166
     Six months to 30 June 2016                                                           
     Carrying amount at 1 January 2016                                                     62 501
     Acquired through business combination                                                 39 786
     Carrying amount at 30 June 2016                                                      102 287
     Year to 31 December 2016                                                             
     Carrying amount at 1 January 2016                                                     62 501
     Acquired through business combination                                                 39 786
     Carrying amount at 31 December 2016                                                  102 287
 
                                                                     Client   
                                           Computer               relation-     Work in
                                           software     Brands        ships    progress     Total
                                              R'000      R'000        R'000       R'000     R'000
7.   Intangible assets                                            
     Six months to 30 June 2017                                   
     Carrying amount at                                           
     1 January 2017                          15 755        756       14 067       8 552    39 130
     Additions                                  965          -            -       2 024     2 989
     Acquired through business                                                  
     combination                              2 761          -       12 012           -    14 773
     Amortisation                            (3 639)      (501)      (4 564)          -    (8 704)
     Carrying amount at 30 June 2017         15 842        255       21 515      10 576    48 188
     Six months to 30 June 2016                                                 
     Carrying amount at 1 January 2016       16 555      1 800        9 078       5 478    32 911
     Additions                                1 385          -            -       2 430     3 815
     Acquired through business                                                  
     combination                                  -          -       10 180           -    10 180
     Amortisation                            (3 257)      (535)      (2 161)          -    (5 953)
     Carrying amount at 30 June 2016         14 683      1 265       17 097       7 908    40 953
     Year to 31 December 2016                                                  
     Carrying amount at 1 January 2016       16 555      1 800        9 078       5 478    32 911
     Additions                                5 378          -            -       3 074     8 452
     Disposals                                   (9)         -            -           -        (9)
     Acquired through business 
     combination                                  -          -       10 180           -    10 180
     Amortisation                            (6 169)    (1 044)      (5 191)          -   (12 404)
     Carrying amount at
     31 December 2016                        15 755        756       14 067       8 552    39 130
 
8.   Segment analysis
     During the reporting period, the group consolidated its five previous reporting segments into 
     three segments, namely:
     - Staffing and outsourcing - comprises industrial staff outsourcing, recruitment and 
       specialist staffing, ad-response handling, executive search, call centre staffing and the 
       delivery of productive and functional business process outsourcing solutions;
     - Training and healthcare - includes registered and accredited industry and job-specific 
       skills training interventions, induction training, safety, health and environmental 
       training, contractor onboarding, and management services to businesses and their employees 
       across all industry sectors. Healthcare comprises of comprehensive employee health 
       management services that include occupational and primary healthcare, employee wellness 
       and employee assistance programmes;
     - Financial and lifestyle - spans an extensive range of employee support services that 
       include lifestyle products, as well as financial and insurance products for employees and 
       their families. These operating segments are monitored and strategic decisions are made on 
       the basis of adjusted segment operating results.
   
     These new segments better represent the current core trading of the group and allows for 
     simpler understanding and communication of the performance of the business.
 
     Revenues, profit, assets and liabilities generated for each of the group's business segments 
     are summarised as follows:
 
                                                                           Training                           
                                                             Staffing           and     Financial
                                                             and out-       health-           and    
                                                             sourcing          care     lifestyle
                                                                R'000         R'000         R'000    
     Six months to June 2017                                                                                     
     Segment revenues                                       1 229 474       104 924        40 277
     Cost of sales                                         (1 005 396)      (41 954)      (13 453)
     Operating costs                                         (132 236)      (47 877)      (22 052)
     EBITDA                                                    91 842        15 093         4 772
     Depreciation and amortisation                                                                             
     of non-financial assets                                   (1 817)       (2 308)         (968)
     Segment operating profit                                  90 025        12 785         3 804
     Capital expenditure                                        1 892        19 156           304
     Segment total assets                                     447 787        87 949       211 171
     Segment total liabilities                                (77 127)      (64 689)     (222 807)
     Net segment assets/(liabilities)                         370 660        23 260       (11 636)
     6 months to June 2016                                                                                     
     Segment revenues                                       1 081 795        67 686        43 343
     Inter-segment revenues                                         -         6 026             -
     Cost of sales                                           (863 406)      (25 003)      (15 615)
     Operating costs                                         (130 085)      (35 465)      (22 671)
     EBITDA                                                    88 304        13 244         5 057
     Depreciation and                                                                                          
     amortisation of non-financial assets                      (1 658)         (893)       (1 174)
     Segment operating profit                                  86 646        12 351         3 883
     Capital expenditure                                       12 267         2 025         1 684
     Segment total assets                                     425 415        84 828       189 105
     Segment total liabilities                                (72 198)      (55 726)     (188 901)
     Net segment assets                                       353 217        29 102           204
     Year to 31 December 2016                                                                                               
     Segment revenues                                       2 302 024       127 891        93 490
     Inter-segment revenues                                    14 348        16 361         4 026
     Cost of sales                                         (1 832 559)      (57 490)      (30 927)
     Inter-segment cost of sales                              (13 976)            -        (4 026)
     Operating costs                                         (293 890)      (58 588)      (48 706)
     Other income                                                   -             -           720
     EBITDA                                                   175 947        28 174        14 575
     Depreciation and                                                                                                       
     amortisation of non-financial                                                                                          
     assets                                                    (3 799)       (1 735)       (2 177)
     Segment operating profit                                 172 148        26 439        12 398
     Capital expenditure                                       21 613         2 208         3 397
     Segment total assets                                     408 122        82 284       221 954
     Segment total liabilities                                (58 754)      (67 164)     (237 202)
     Net segment assets/(liabilities)                         349 368        15 120       (15 248)
 
                                                                           Consoli-
                                                              Central        dation  
                                                                 cost       entries         Total
                                                                R'000         R'000         R'000
     Six months to June 2017                                                                                 
     Segment revenues                                               -        (8 566)    1 366 109
     Cost of sales                                               (867)       (8 566)   (1 053 104)
     Operating costs                                          (41 780)            -      (243 945)
     EBITDA                                                   (42 647)            -        69 060
     Depreciation and amortisation                                                                         
     of non-financial assets                                   (3 010)       (4 866)      (12 969)
     Segment operating profit                                 (45 518)       (5 005)       56 091
     Capital expenditure                                        2 725             -        24 077
     Segment total assets                                     180 578             -       927 485
     Segment total liabilities                                (73 758)            -      (438 381)
     Net segment assets/(liabilities)                         106 820             -       489 104
     6 months to June 2016                                                                                 
     Segment revenues                                               -             -     1 192 824
     Inter-segment revenues                                         -        (6 026)            -
     Cost of sales                                                  -             -      (904 024)
     Operating costs                                          (40 670)        6 026      (222 865)
     EBITDA                                                   (40 670)            -        65 935
     Depreciation and amortisation 
     of non-financial assets                                   (2 280)       (2 003)       (8 008)
     Segment operating profit                                 (42 950)       (2 003)       57 927
     Capital expenditure                                        2 518             -        18 494
     Segment total assets                                     169 934             -       869 282
     Segment total liabilities                               (156 959)            -      (473 784)
     Net segment assets                                        12 975             -       395 498
     Year to 31 December 2016                                                                        
     Segment revenues                                               -             -     2 523 405
     Inter-segment revenues                                         -       (34 735)            -
     Cost of sales                                             (3 449)            -    (1 924 425)
     Inter-segment cost of sales                                    -        18 002             -
     Operating costs                                          (77 357)       16 733      (461 810)
     Other income                                                   -             -           720
     EBITDA                                                   (80 806)            -       137 890
     Depreciation and                                                                                
     amortisation of non-financial assets                      (4 874)       (4 891)      (17 476)
     Segment operating profit                                 (85 680)       (4 891)      120 414
     Capital expenditure                                            -             -        27 218
     Segment total assets                                     174 790             -       887 150
     Segment total liabilities                                (77 262)            -      (440 382)
     Net segment assets/(liabilities)                          97 528             -       446 768
 
9.   Taxation
     The effective tax rate of 3.7% (2016: 8.6%) for the period was based on the anticipated 
     weighted average tax rate for the full financial year. The low tax rate is due to 
     learnership allowances as well as employment tax incentive income.
 
                                                           Six months    Six months       Year to
                                                           to 30 June    to 30 June   31 December
                                                                 2017          2016          2016
10.  Earnings per share                                                              
     Basic earnings per share                                                        
     Profit attributable to equity shareholders of                                   
     the parent company (R'000)                                42 461        40 671        91 604
     Weighted average number of shares                                               
     in issue ('000)                                          226 979       225 639       228 577
     Diluted weighted average number of shares                                       
     in issue ('000)                                          232 370       236 523       240 643
     Basic earnings per share (cents)                            18,7          18,0          40,1
     Diluted earnings per share (cents)                          18,3          17,2          38,1
     Headline earnings per share                                                     
     The earnings used in the calculation of                                         
     headline earnings                                                               
     per share are as follows:                                                       
     Profit after taxation (R'000)                             42 461       40 671         91 604
     Headline earnings adjustment (R'000)                        (202)        (217)           (87)
     - Gain on disposal of property, plant                                           
       and equipment                                             (281)        (302)          (121)
     - Tax effect of adjustments                                   79           85             34
     Total headline earnings (R'000)                           42 259       40 453         91 517
     Weighted average number of shares                                               
     in issue ('000)                                          226 979      228 534        228 577
     Headline earnings per share (cents)                         18,6         17,7           40,0
     The weighted average number of ordinary shares 
     for the purpose of diluted earnings per share 
     reconciles to the weighted average number of 
     ordinary shares used in the calculation of basic 
     earnings per share as follows:                           226 979      225 639        228 577
     Shares deemed to be issued for no consideration                                     
     in respect of:                                                                      
     Employee options                                           5 391       10 884         12 066
     Weighted average number of ordinary shares in                                       
     the calculation of diluted earnings per share            232 370      239 825        240 643
 
11.  Dividends
     No dividend was declared relating to the period under review.

12.  Changes to the board
     Shaun Naidoo (Alternate Mark Anderson) has been appointed non-executive director of the 
     board effective 26 June 2017.

13.  Other significant matter
     The employment tax incentive introduced in January 2014 incentivises  companies that employ 
     young job seekers. The effect of this incentive on the group's results has been substantial 
     and has been treated as a deduction of the relevant wage expense in terms of 
     IAS 20: Accounting for government grants and disclosure of government assistance.
 
                                                           Six months   Six months        Year to
                                                           to 30 June   to 30 June    31 December
                                                                 2017         2016           2016
                                                                R'000        R'000          R'000
14.  Notes to the condensed consolidated statement
     of cash flows
     14.1     Cash generated from operations
              Profit before taxation                             43 095       44 446       91 168
              Finance income                                       (606)        (308)      (1 431)
              Finance costs                                      11 163       12 076       26 489
              Adjustment for non-cash items:
              (Gain)/loss on disposal of property, 
              plant and equipment                                  (281)          92         (121)
              Depreciation and amortisation of                  
              non-financial assets                               12 969        8 008       17 476
              Equity-settled share based scheme                       -        2 454        1 536
              Shares issued                                           -            -        1 872
                                                                 66 340       66 768      136 989
     14.2     Working capital changes
              Change in trade and other receivables             (26 874)     (80 896)     (52 182)
              Change in inventories                                (275)        (153)       1 369
              Change in share-based payment                       3 564         (501)           -
              Change in trade payables                           13 180       37 661       10 262
                                                                (10 405)     (43 889)     (40 551)
     14.3     Net cash flow on acquisition of 
              business combinations
              Net cash outflow on the acquisition 
              of subsidiaries (refer to note 15.1.5)            (16 096)           -            -
              Net cash outflow on the acquisition 
              of subsidiaries (refer to note 15.2.5)             (5 683)           -            -
              Net cash outflow on the acquisition of
              subsidiaries - prior year's acquisition           (18 750)     (26 932)     (41 881)
                                                                (40 529)     (26 932)     (41 881)
                                                        
                                                                                          Maximum
                                                                          Portion of    consider-
                                                                            business        ation
                                                                Date of     acquired  transferred
                                                            acquisition            %        R'000
15.  Business combinations                                               
     15.1.1  Business acquired                                           
             KBC Holdings Proprietary Limited ("KBC")   1 January 2017          100       48 489
         
             Principal activity
             KBC is involved in the provision of induction training, safety, health and 
             environmental training,contractor onboarding and contractor management services.
         
             KBC was acquired as it complements the group's existing technical training offerings 
             and its temporary employment service business, that provides contract workers to a 
             wide range of industries. It is anticipated that the acquisition will give rise to 
             cross-selling opportunities within the mining industries that require contractors 
             to be compliant with relevant health and safety legislation.
  
                                                                                          Maximum
                                                                                         conside-
                                                                                           ration
                                                                                      transferred
                                                                                            R'000
     15.1.2  Maximum consideration transferred                                       
             Cash                                                                          24 036
             Contingent consideration arrangement                                          24 453
             Total                                                                         48 489
     15.1.3  Contingent consideration                                                
             Second payment                                                                 7 516
             Third payment                                                                  7 516
             Fourth payment                                                                 9 421
             Total additional amount                                                       24 453
  
             Under the contingent consideration arrangement for KBC, the group is required to 
             pay up to a maximum of R24,453 million over a two-year period commencing on 
             1 January 2017 and ending on 31 December 2018 and will be subject to KBC achieving 
             agreed upon profit after tax ("PAT") figures for the years ending 31 December 2017 
             and 31 December 2018. It is anticipated that the contingent payments will take 
             place as follows:
             - the second payment of up to R7,516 million will take place on 31 March 2018, 
               subject to KBC achieving PAT of between R5,375 million and R7,133 million;
             - the third payment of up to R7,516 million will take place on 31 March 2019, 
               subject to KBC achieving
               PAT of between R6,069 million and R8,670 million; and
             - provided that the full second and third payments have been made, a possible 
               fourth payment of up to R9,421 million will take place on 31 March 2019, subject 
               to KBC achieving an aggregate PAT in excess of R16,830 million for the years 
               ended 31 December 2017 and 2018.

                                                                                            R'000
     15.1.4  Assets acquired and liabilities recognised at the date of acquisition     
             Non-current assets                                                        
             Property, plant and equipment                                                  2 750
             Intangible assets                                                             14 773
             Investment in associate                                                          163
             Current assets                                                            
             Trade and other receivables                                                    4 408
             Cash and cash equivalents                                                      7 940
             Inventory                                                                        277
             Current liabilities                                                       
             Trade and other payables                                                      (6 581)
             Taxation payable                                                                (204)
             Non-current liabilities                                                   
             Deferred tax liability                                                        (4 098)
             Total                                                                         19 428
  
             The receivables acquired (principally trade receivables) in this 
             transaction with fair value of R4 408 000 is equivalent to the gross 
             contractual amount. All contractual cash flows are expected to 
             be collected.
  
     15.1.5  Net cash outflow on acquisition of subsidiaries
             Consideration paid in cash                                                    24 036
             Less: Cash and cash equivalent balance acquired                               (7 940)
             Total                                                                         16 096
             Goodwill arising on acquisition                                          
             Maximum consideration transferred                                             48 489
             Less: Fair value of identifiable net assets                                  (19 428)
             Goodwill arising on acquisition                                               29 061
  
             Goodwill arose on the acquisition of KBC because the cost of the combination 
             included a control premium. In addition, the consideration paid for the combination 
             effectively included amounts in relation to the benefit of the expected synergies, 
             revenue growth and future market share. These benefits are not recognised separately 
             from goodwill because they do not meet the recognition criteria for identifiable 
             intangible assets. None of the goodwill in the KBC acquisition is expected to be 
             deductible for tax purposes.
  
             Impact of acquisitions on the results of the group
             Revenue from the above acquisition amounted to R33 570 654 and profit before tax 
             of R7 330 395 for the period under review.
                                                                                          Maximum
                                                                          Portion of     conside-
                                                                            business       ration
                                                                Date of     acquired  transferred 
                                                            acquisition            %        R'000
     15.2.1  Business acquired                                            
             Oxyon Human Capital Solutions              1 February 2017          100        9 000
             Principal activity                                          
             Oxyon provides temporary                                    
             employment services                                         
             and permanent placement                                     
             recruitment services.                                       
                                                             
             Day-Click Limited                             1 March 2017           76          484
             Principal activity
             Day-Click provides temporary employment
             services and permanent placement recruitment
             services in Mauritius.
  
             Oxyon was acquired in order to expand Workforce's offering in the skilled artisan 
             and technical segments of the engineering industry.
  
             Day-Click was acquired in order to give Workforce an entry point into the Mauritian 
             market, where business opportunities have been identified.
                                                            
                                                                  Oxyon                   
                                                                  Human                   
                                                                Capital    Day-Click      
                                                              Solutions      Limited        Total
                                                                  R'000        R'000        R'000
     15.2.2  Maximum consideration transferred                                            
             Cash                                                 6 000          484        6 484
             Contingent consideration arrangement                 3 000            -        3 000
             Total                                                9 000          484        9 484
                                                                              
     15.2.3  Contingent consideration                                                     
             Contingent payment                                   3 000            -        3 000
             Total additional amount                              3 000            -        3 000
                                                                             
             Under the contingent consideration arrangement
             for Oxyon, the group will be required to pay 
             an amount of R3 million subject to the Oxyon 
             business achieving an agreed upon gross profit 
             target of no less than R16 million for the 
             12-month period commencing 1 February 2017. 
             It is anticipated that this payment will be 
             made on 31 March 2018.
  
     15.2.4  Assets acquired and liabilities recognised at
             the date of acquisition
             Non-current assets
             Property, plant and equipment                           19           38           57
             Current assets                                        
             Trade and other receivables                              -           12           12
             Cash and cash equivalents                                -          271          271
             Current liabilities                                  
             Borrowings                                               -         (594)        (594)
             Trade and other payables                                 -          (12)         (12)
             Total                                                   19         (285)        (266)
             The receivables acquired (principally trade          
             receivables) in this transaction with a fair value   
             of R12 000 for Day-Click Limited is equivalent       
             to the gross contractual amount. All contractual     
             cash flows are expected to be collected.     
        
     15.2.5  Net cash outflow on acquisition of subsidiaries      
             Consideration paid in cash                           5 804          150        5 954
             Less: Cash and cash equivalent balance acquired          -         (271)        (271)
             Total                                                5 804         (121)       5 683

     15.2.6  Non-controlling interest
             The non-controlling interest (24% ownership
             interest in Day-Click Limited) recognised at the
             acquisition date was measured by reference to
             the present ownership instruments' proportionate
             share in the recognised amounts of the acquiree's
             identifiable net assets and amounts to (R68 142).
             Goodwill arising on acquisition
             Maximum consideration transferred                    9 000          484       9 484
             Plus: Non-controlling interest                           -          (68)        (68)
             Less: Fair value of identifiable net assets            (19)        (285)       (304)
             Goodwill arising on acquisition                      8 981          837       9 818
  
             For the Oxyon and Day-Click acquisitions, goodwill arose because the consideration 
             paid for these combinations includes a control premium as well as amounts in 
             relation to the benefit of the expected synergies, revenue growth and future market 
             share. These benefits are not recognised separately from goodwill because they do 
             not meet the recognition criteria for an identifiable intangible asset. None of 
             the goodwill in these acquisitions is expected to be deductible for tax purposes.
             Revenue from the above acquisitions amounted to R53 244 941 and profit before tax 
             of R2 278 715 for the period under review.

16.  Financial assets and financial liabilities
     16.1.1  Set out below is an overview of financial assets other than cash and short-term 
             deposits held by the group as at June 2017, 31 December 2016 and June 2016.
  
                                                             Six months   Six months     Year to
                                                             to 30 June   to 30 June 31 December
                                                                   2017         2016        2016
                                                                  R'000        R'000       R'000
             Financial assets at amortised cost            
             Trade and other receivables                        651 676      638 609     610 219
             Available-for-sale investments                 
             Quoted equity shares                                 3 084        2 887       2 709
             Total                                              654 760      641 496     612 928
             Total current                                      651 676      638 609     610 219
             Total non-current                                    3 084        2 887       2 709
  
     16.1.2  Set out below is an overview of 
             financial liabilities
             held by the group as at June 2017,
             31 December 2016 and June 2016.
             Financial liabilities at amortised cost
             Trade and other payables                           145 006      142 630     115 231
             Interest-bearing borrowings                        196 753      221 686     245 078
             Financial liabilities at fair value through                                 
             profit or loss                                                              
             Contingent consideration                            55 518       63 725      45 056
             Loan on treasury shares                              7 711        7 783       7 711
             Total                                              404 988      435 824     413 076
             Total current                                      366 681      406 882     348 725
             Total non-current                                   38 307       28 942      64 351

16.2 Fair value measurement
     Fair values
     16.2.1  Set out below is a comparison of the carrying amounts and fair values of the 
             group's financial instruments, other than those with carrying amounts that are 
             reasonable approximations of fair value.
  
                                       Six months to       Six months to            Year to
                                          June 2017           June 2016          December 2016
 
                                     Carrying     Fair    Carrying     Fair    Carrying     Fair
                                       amount    value      amount    value      amount    value
                                        R'000    R'000       R'000    R'000       R'000    R'000
              Financial assets                                                            
              Available-for-sale                                                          
              financial asset           2 684    2 684       2 487    2 487       2 309    2 309
              Total                     2 684    2 684       2 487    2 487       2 309    2 309
              Financial liabilities
              Loan on treasury shares   7 711    7 711       7 783    7 783       7 711    7 711
              Contingent consideration                                          
              relating to business                                              
              combination              55 518   55 518      63 725   63 725      45 056   45 056
              Total                    63 229   63 229      71 508   71 508      52 767   52 767
  
      16.2.2  The following table provides the fair value measurement hierarchy of the groups 
              financial asset and financial liabilities as at June 2017 and June 2016.
  
                                                             Fair value measurement using
  
                                                                Quoted  Significant  Significant
                                                             prices in       obser-     unobser-
                                                                active        vable        vable
                                                               markets       inputs       inputs
                                            Date of   Total    level 1      level 2      level 3
                                          valuation   R'000      R'000        R'000        R'000
              As at 30 June 2017
              Assets measured at
              fair value                                                               
              Available-for-sale 
              financial asset          30 June 2017   2 684      2 684            -            -
              Liabilities measured                                                      
              at fair value                                                             
              Loan on treasury shares  30 June 2017   7 711          -            -        7 711
              Contingent consideration                           
              relating to business                               
              combination              30 June 2017  28 080          -            -       28 080
              As at 30 June 2016                                                        
              Assets measured at                                 
              fair value                                                
              Available-for-sale                                 
              financial asset          30 June 2016   2 487      2 487            -            -
              Liabilities measured at                            
              fair value                                              
              Loan on treasury shares  30 June 2016   7 783          -            -        7 783
              Contingent consideration                           
              relating to business                               
              combination              30 June 2016  63 725          -            -       63 725


      16.2.3  Description of significant unobservable inputs to valuation
              The significant unobservable inputs to valuation used in the fair value 
              measurements categorised within level 3 of the fair value hierarchy, together with 
              a quantitive sensitivity analysis at as 30 June 2017 and 2016 are as shown below:

                                                                               Relationship
                                  Valuation               Significant          of unobservable
                                  technique               unobservable         inputs to
                                  and key inputs          inputs               fair value
              Available-for-sale                                              
              financial assets                                                
              Non-current                                                     
              financial assets                                                
              Listed shares       Quoted bid price in     N/A                  N/A
                                  an active market.                           
                                                                  
              Financial                                                       
              liabilities                                                     
              Loan on treasury                                                
              shares              Discounted cash flow    Discount rate        A slight increase
                                  method was used to      of 8.7% determined   in the discount 
                                  capture the present     using the risk       rate used in
                                  value of the expected   adjusted rate.       isolation would 
                                  future economic                              not result in a
                                  benefits that will                           significant
                                  flow out of the group.                       decrease in the 
                                                                               fair value.
                                                                               (See below.)
              Contingent                                                      
              consideration                                                   
              relating to                                                     
              business                                                        
              combination         Discounted cash flow    Discount rate        A slight increase
                                  method was used to      of 17.5% determined  in the discount
                                  capture the present     using capital asset  rate used in
                                  value of the expected   pricing model.       isolation would
                                  future economic                              not result in a
                                  benefits that will                           significant
                                  flow out of the group.                       decrease in the
                                                                               fair value.
                                                                               (See below.)
   
                                                          Probability          A slight increase
                                                          adjusted profits     in the discount
                                                          with ranges of       rate used in
                                                          R13 500 000 to       isolation would
                                                          R40 500 000, and     not result in a
                                                          R100 000 000         significant
                                                          respectively.        decrease in the
                                                                               fair value.
                                                                               (See below.)
  
              Treasury share loan
              A 2% increase or decrease in the discount rate used while holding all other 
              variables constant would decrease/increase the fair value of the loan by R275 000 
              (2016: R280 000).
  
              Contingent consideration
              A 2% increase or decrease in the discount rate used while holding all other 
              variables constant would decrease/increase the fair value of the loan by R66 600 
              (2016: R66 600).
  
              Fair value of other financial assets and financial liabilities
              The fair values of all other financial assets and financial liabilities 
              approximates their carrying values.
  
17.  Reclassification of prior year presentation
     Certain reclassifications have been made to the prior period's condensed consolidated 
     statement of cash flow in order to enhance the comparability to the current period's 
     financial results. The recognition of share-based payments and the buy-back of shares 
     which had been reported together, have subsequently been disclosed separately in the 
     condensed consolidated statement of cash flow, resulting in certain line items being 
     reclassified in the condensed consolidated statement of cash flows.
 
                                                             Previously    
                                                               reported     Restated
                                                                   June         June     Adjust-
                                                                   2016         2016        ment
                                                                  R'000        R'000       R'000
     Condensed consolidated statement of cash flows                        
     Cash flows from operating activities                         7 616       10 070      (2 454)
     Cash flows from financing activities                        41 160       38 706       2 454
  
Directors' commentary
Financial results review
Despite deteriorating unemployment levels and a challenging economic environment, the group 
has shown an improved performance, albeit modest, in the interim period. Turnover for the first 
six months of 2017 reflects an increase of 14.5% to R1,37 billion (2016: R1,19 billion). 
Organic turnover grew 8.4%, whilst the remainder of the increase is attributable to 
acquired companies.

Although gross profit increased 8.4% there has been a reduction in our gross profit margin 
percentages to 22.9% (2016: 24.2%). The acquisition of Oxyon, a high turnover, low margin 
business and a reduction in trading volumes in the relatively high margin energy infrastructure 
sector has dampened the gross profit margins.

Operating expenses increased by 9.5% to R243,9 million (2016: R222,9 million) resulting in an 
improved operating expense to turnover ratio of 17.9% (2016: 18.7%). Organic operating expenses 
only increased by 2.4% compared to the comparative period. Debtor's impairments were, however, 
at much improved levels compared to the comparative period. Excluding debtor's impairments, 
organic operating expenses increased by 6.9% compared to the comparative period. Workforce is 
continuing to invest in the future growth of the group in the form of early stage businesses,
technology, human capital, and improved shared services delivery.

EBITDA increased by 4.7% to R69,0 million (2016: R65,9 million). EBITDA to turnover decreased 
to 5.1% (2016: 5.5%). The depreciation and amortisation charge increased by 62% to 
R12,97 million (2016: R8,0 million) mostly due to amortisation of intangible assets as a result 
of the KBC and Oxyon acquisitions.

Our training and healthcare segment has experienced good growth in line with our strategic 
intent. Turnover for the first six months in the training and healthcare segment grew by 55% 
to R104,9 million (2016: R67,7 million) and EBITDA by 14.4% to  R15,1 million (2016: 
R13,2 million). The training and healthcare segment now contributes 13.5% (2016: 12.4%) of our 
group EBITDA.

Improved cash generation resulted in net finance costs decreasing marginally by 3.6% (2016: 
R13,5 million), despite funding the KBC and Oxyon acquisitions from debt.

Cash flow
Cash flows from operating activities vastly improved to R45,3 million (2016: R10 million). 
The reason for this improvement is better collections on trade receivables which includes lower 
sales volumes from energy infrastructure projects, and a differential in the timing of the 
invoicing cycle compared to the previous year, which necessitated a lower net investment in 
working capital. Days sales outstanding ("DSO") decreased to 50 days (2016: 49 days) whilst
overdue debtors older than 90 days remained at 8% (2016: 8%) of the total book.

Operating segments
During the reporting period the group consolidated its five previous reporting segments into 
three segments, namely:
- Staffing and outsourcing;
- Training and healthcare; and
- Financial and lifestyle.

These segments better represent the current core trading of the group and allows for a simpler 
understanding and communication of the performance of the business.

Taxation
The group continued to benefit from the employment tax incentive programme as well as 
learnership allowances in terms of section 12H of the Income Tax Act, 1962 (Act 58 of 1962). 
As a result, the group's tax rate remains low at 3.7% (2016: 8.6%).

Earnings per share increased by 3.9% to 18,7 cents per share (2016: 18,0 cents) and headline 
earnings per share increased by 5.1% to 18,6 cents per share (2016: 17,7 cents per share).

Acquisitions
Acquisitions are defined as all acquisitions where intangible assets resulting from the 
respective acquisitions are still being amortised and/or where imputed interest as a result of 
the acquisition is still being expensed in the current period. These entities currently include 
Prisma Training Solutions (acquired during 2015), Quyn and Gcubed (acquired during 2016), KBC 
Holdings (acquired 1 January 2017), Oxyon Human Capital Solutions (acquired 1 February 2017) 
and Day Click Mauritius (acquired 1 March 2017). EBITDA contribution from acquisitions 
increased to R14,2 million (2016: R13,4 million). Whilst the newly acquired companies KBC and 
Oxyon performed ahead of expectations, Prisma and Quyn had a challenging first six months of 
the year, in part due to their exposure to the mining sector and delays in infrastructure spend 
projects, respectively.

Contribution to earnings per share from acquisitions currently remains marginal due to 
intangible amortisation and intangible interest charges to the income statement, as required 
by IFRS.

Gearing
Net interest-bearing debt to total assets improved to 0,28 (2016: 0,34) and Net 
interest-bearing debt to total tangible assets improved to 0,36 (2016: 0,41), despite payments 
of R40,5 million (2016: R26,9 million) for acquisitions. Included in interest-bearing debt are 
contingent amounts owing to vendors of acquisitions amounting to R55,5 million 
(2016: R63,7 million).

Directors
Mr Shaun Naidoo was appointed as a non-executive director on 26 June 2017 as a representative 
of the company's shareholder Vunani. Shaun replaces Mr Mark Anderson who will remain on the 
board as an alternate director to Shaun.

Outlook
The recent Labour Appeal Court judgement relating to the Temporary Employment Service ("TES") 
industry has attracted much press coverage with its perceived negative implications for TES 
providers. What is relevant is that there has been an Application for Leave to Appeal this 
judgement lodged with the Constitutional Court. This action suspends this judgement and 
reinstates the initial Labour Court ruling, which found that a temporary employee working 
longer than three months and earning less than R205 433 annually is deemed to be an employee 
of both the TES provider and the TES provider's client and that these parties are jointly and 
severally liable for any employment related obligations relating to that employee.

The TES industry is confident that the Constitutional Court will uphold the initial ruling 
and it is estimated that we will have clarity in this regard within the next 12 months.

Notwithstanding the challenging economic and labour environment, management continues to 
identify growth opportunities within the segments the group operates in and remains 
committed to its diversification and acquisition strategies.

Events after reporting date
Management is not aware of any material events which have occurred subsequent to the 
reporting period.

RS Katz               PM Froom                         WP van Wyk
Chairman              Chief Executive Officer          Group Financial Director

Johannesburg

23 August 2017

Executive Directors                           
PM Froom, RS Katz, WP van Wyk   

Non-Executive Directors
JR Macey, S Naidoo, S Thomas, K Vundla and M Anderson (Alternate to S Naidoo)

Designated Adviser                            
Merchantec Capital

Company secretary                             
S van Schalkwyk

Registered office
The registered office, which is also the principal place of business, is 
11 Wellington Road, Parktown, 2193

PO Box 11137, Johannesburg, 2193
                                              
Transfer secretaries
Link Market Services South Africa Proprietary Limited
11 Diagonal Street, Johannesburg, 2001

Commercial bankers
ABSA Business Bank

Company registration number: 2006/018145/06

www.workforce.co.za
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