Acc-Ross announces results

Acc-Ross Holdings Limited (Acc-Ross) announced its results for the twelve months ended 28 February 2007. For the period under review, the Group reported a trading loss of R17,9 million versus a restated profit of R12 million for the prior period. The headline loss increased to R24,1 million versus a restated headline loss of R2,3 million last year. The board reported adjusted headline earnings of R6,3 million profit versus prior year adjusted headline earnings of R 12 million profit as a more representative reflection of the results of operations for the period after accounting adjustments.

The net asset value per share has increased to 24,6 cents per share (20.4) and the current assets to current liabilities ratio now reflects a healthy 3.7:1 versus 1.1:1 in the prior year.

Commenting on the results, Chairman, Arthur Mashiatshidi, said, "The board is satisfied with the companys performance as reflected in these results given the difficult issues the Group had to deal with during the last year. They reflect our strategic decision to streamline our portfolio and focus on solid developments that will yield good returns."

Acc-Ross CEO, Wilf Robinson, continues, "The period under review was one of fundamental change for the Group, with changes in management and a reduction in our cost structure complementing our agreed focus on rationalising our property portfolio and ensuring we explored avenues for creating annuity revenue going forward."

The now streamlined Acc-Ross property portfolio comprises the Gardener Ross Golf and Country Estate in Centurion, Lizard Point on the banks of the Vaal Dam, Welvergenoegd at Durbanville in the Eastern Cape and Blue Horizon Bay on the coast between Port Elizabeth and Jefferies Bay. The Bay development at Hartbeespoort Dam was sold outright and is subject to the finalisation of only one remaining suspensive condition and is expected to be booked during the new financial period at a group headline profit of R39,5 million.

Robinson concludes, "We are confident that the groundwork has been done in the year under review and that the tough decisions taken will continue to bear fruit for all our stakeholders in the years ahead."