Grace, Kennedy Ltd. (GK) – Revenue Highlights

Interim Report to shareholders – March 2000: The Group achieved revenues of $3,585.9 million (1999 $3,603.5 million.) The net profit attributable to shareholders increased by $27.3 million over the corresponding period of 1999 moving from $134 million to $161.3 million. This represents earnings per stock unit of 89 cents (1999 – 74 cents), an increase of 20.3%. The company’s performance is characterized by the continued improvement in working capital management and the turn-around of loss making companies, resulting in an increase in our net cash position by $151.6 million for the quarter. The revenues declined slightly as expected, while profits increased substantially. This is a result of the company’s current strategy to prune unprofitable businesses, products and services wherever they exist throughout the group, so that the staff can more fully concentrate on those remaining areas which have sustainable profitability or substantial growth potential and which generate cash.