Materially down

A trading update from Alexander Forbes, reports that their earnings for the full financial year ending, 31 March 2004, are now expected to be materially* lower than those reported in the previous financial year.

The change in earnings expectation is primarily due to lower than expected profits in their International Risk Services business.

In particular, the Global (Wholesale) Broking division has experienced lower than anticipated business volumes and the revenues of this division have been further impacted by continued US Dollar weakness against Sterling.

* Material is defined in the JSE Securities Exchange listings requirements as between 10% and 30%. This Trading Statement and Cautionary Announcement is issued in accordance with section 3.4 (b) of the JSE Securities Exchange listings requirements.