Interim results

Brait, the international investment group specializing in the structuring, raising and management of private equity and hedge funds, reported interim earnings for the six months to September 30, 2009.

Attributable earnings increased by 6% to R77 million and headline earnings per share increased also by 6% to 72.8 cents per share. These results were achieved in spite of a net R71 million exchange loss due to the strengthening of the rand.

The cash position was strong at R353 million. During August 2009, the Brait III investment in US-based Net 1 UEPS Technologies was realized, achieving an IRR of 102%.  Growth in other Brait III and Brait IV portfolio companies was highly satisfactory. Fund-raising for Brait V has commenced.

“Our private equity portfolio companies showed a very pleasing operating performance, as a result of their inherent strength and our focus on the consumer theme. This factor, aided by improved equity markets, should facilitate new inflows into Brait V,” said Brait CEO, Antony Ball. “Our public markets are also performing well.”

Brait declared an interim dividend of 89.77 cents a share, up from the 89.45 cents of the previous reporting period.


Contact:   Jackee Downs
083 678 5767