Imara Group Chief Executive: Tom GaffneyOutlook
Global markets continue to be characterised by volatility and high levels of uncertainty and equity markets generally, declined in the second quarter with this trend continuing into quarter three. This has been particularly detrimental to the Asset Management Division but has also negatively impacted the Stockbroking Division. On -going political uncertainty in Zimbabwe has exacerbated negative foreign investor perceptions and this is likely to result in lower brokerage revenues in the second half from the Zimbabwe business. On a positive note the license for the Angolan Stockbroking business has been received, subject to the fulfillment of certain conditions, and this will allow the commencement of stockbroking operations in Angola. These stockbroking activities will not result in a positive contribution to earnings in the financial year to 30 April 2015.
The effective date of the ISPR disposal is indeterminable at present due to the fulfilment of conditions precedent, but if this date were to occur before 30 April 2015, then the earnings contribution of the Stockbroking Division could be adversely affected by the shortened accounting period in the second half...
HY 2015 financial results