INTRODUCTION

The Board is pleased to present the Company’s reviewed interim results for the six months ended 31 December 2014. On a rand for rand basis, the Company has satisfactorily continued its trend of growth as in past periods, this revealed inter alia, in an 8.4% increase in Revenue, a 29% increase in headline earnings, a 26.6% increase in Profits after Tax with further information as set out alongside this commentary. The dilution in Basic Earnings and Headline Earnings per share arise primarily as a result of the increased weighted average number of shares in issue at 31 December 2014, arising through shares issued for the “second tranche” payments at 31 December 2013, including the shares issued on conversion of the Company’s Convertible Preference Shares which occurred on the same date (refer to note 1).