SENS Note - 08 May 2008

Infrasors final results 29 February 2008

Revenue for the period under review increased by R80.2 million or 51.1% compared with the pro forma consolidated revenue for financial 2007 reported in the pre-listing statement. EBITDA was R122.9 million, an increase of R47.3 million (62.7%) over pro forma 2007. EBITDA includes an IFRS required adjustment in the sum of R41.5 million in respect of purchase price allocation on the acquisitions. Cash of R78.8 million was generated by operations before outflow from investments in working capital of R23.6 million, tax of R11.0 million and net finance income of R2.7 million.


It is the group’s policy to pay a single dividend annually and to retain a three times dividend cover. Accordingly the company’s first annual dividend, payable on Monday, 2 June 2008, for the year ended 29 February 2008, will be in the amount of 12 cents per ordinary share.


The short to medium term outlook for the Infrasors is positive as demand for the groups' products and services continues to grow robustly. In the medium to long term Infrasors is well placed to grow its revenue as the strength of demand relative to constrained supply continues. The capital expenditure programmes and projects in place will extend capacity resulting in economies of scale and reduced production costs per unit. Against this backdrop, Infrasors is confident that it will realise its growth prospects and increase assets and earnings.