Unaudited
six months
31 March
2004
R'000
Unaudited
six months
31 March
2003
R'000
Audited
year end
30 September
2003
R'000

Revenue 91 527 83 637 160 075

Net operating expenses (78 145) (72 882) (142 502)

Trading Income 13 382 10 755 17 573
Exceptional Items (Note 2) (1 226) (2 223) (362)

Net operating income 12 156 8 532 17 211
Interest income 2 356 2 936 5 580
Preference dividend (1 089) (1 503) (2 907)

Income before taxation 13 423 9 965 19 884
Taxation - STC (136) (187) (1 263)

Income after taxation 13 287 9 778 18 621
Outside shareholder's interest - - 160

Income attributable to ordinary shareholders 13 287 9 778 18 781

Ordinary shares (000's)
In issue 718 088 715 688 717 188
Earnings per ordinary share 1,85 1,36 2,62
Fully diluted earnings per share 1,85 1,36 2,62
Headline earnings per ordinary share (cents) 2,02 1,68 2,67

Determination of headline earnings
Net attributable income 13 287 9 778 18 781
Exceptional items (Note 2) 1 226 2 223 362
Headline income 14 513 12 001 19 143