Annual Results

Brait, the international investment Group specialising in the structuring, raising and management of private equity and hedge funds, reported results for the year ended 31 March 2010.

Attributable earnings increased by 11% to R185.6million. Private capital’s operating profits increased by 145% to R185.6million while Group profit from operations increased by 13% to R267.3million.

Dividends by share increased slightly to R179.54, up from R178.90 in the previous reporting period. Return on equity was 13%, up from 11%.

The strengthening of the rand since March 31, 2009 impacted negatively on earnings and NAV. Assets under management declined from R14.1billion to R13.6billion.

The cash position remained strong at R281.2million.

Fund-raising for Brait V has made a convincing beginning, with an initial R750million in local commitments. Brait III and Brait IV portfolio companies are operating well while Brait III’s Net 1 UEPS investment has been realised at 108% IRR and 6.3% money.

Brait’s public markets’ business has returned a solid performance.

“Brait has emerged from a tough two years in a strong and robust position, well primed for growth,” said CEO Antony Ball.