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					      UNAUDITED INTERIM RESULTS
for the six months ended 28 February 2003
       • Turnover up 23.1%

       • Operating profit up 21.2%

       • Diluted headline earnings per share up 10.4%

       • Improved cash flow




                                                        Page 1 of 11
       New Clicks Holdings Limited - Interim Results 2003




FINANCIAL HIGHLIGHTS
                                                                               Six months to       Six months to           Year to
                                                                           28 February 2003    28 February 2002     31 August 2002

Income Statement
  Turnover                                                         R'000         3 436 679           2 792   414        5 487 791
  Gross profit                                                     R'000           922 423             809   333        1 555 401
  Operating profit                                                 R'000           214 560             177   034          318 560
  Profit before taxation and exceptional items                     R'000           171 806             148   073          218 865
  Headline earnings                                                R'000           123 700             106   351          157 546
Balance Sheet
  Ordinary shareholders' interest                                  R'000         1 558 789           1 144   794        1 221   757
  Property, plant & equipment                                      R'000           691 885             584   044          617   767
  Inventories                                                      R'000         1 288 652           1 094   058        1 055   137
  Total assets                                                     R'000         3 118 297           2 313   076        2 461   790
Cash Flow
  Net cash flow from/(to) operating activities                     R'000            76 529             ( 25 224)          213   665
  Net interest paid                                                R'000            42 754               28 961            67   220
  Net capital expenditure                                          R'000            80 998               69 627           158   005
  Depreciation                                                     R'000            52 418               46 150            96   426
Performance
  Turnover growth                                                  %                   23.1                  23.1               25.7
  Gross profit growth                                              %                   14.0                  27.9               27.6
  Gross profit margin                                              %                   26.8                  29.0               28.3
  Operating profit growth                                          %                   21.2                  20.9               21.3
  Operating profit margin                                          %                    6.2                   6.3                5.8
  Asset turn                                                       times                2.4                   2.6                2.5
  Return on total assets                                           %                    8.5                   9.7                9.6
  Return on shareholders' interest                                 %                   17.1                  19.3               19.0
  Net interest bearing debt to shareholders' funds at period end   %                   24.1                  36.2               27.8
Exchange rate (Rand/Australian Dollar)
  Average exchange rate for the period                             R/A$            5.31738             5.32669            5.54883
  Closing exchange rate at the end of the period                   R/A$            4.92580             5.73710            5.82403
Statistics
  Number of permanent employees                                                       7 849              6 475              6 364
  Number of stores
     - company owned                                                                   715                   697                700
     - franchised                                                                      518                   438                514
Share statistics
  Number of shares in issue                                        '000            353 468             302 173            305 172
  Weighted average number of shares in issue                       '000            321 246             300 142            301 772
  Weighted average diluted number of shares in issue               '000            334 075             317 720            317 272
  Headline earnings per share
     - undiluted                                                   cents               38.5                  35.4               52.2
     - diluted                                                     cents               37.0                  33.5               49.7
  Distribution per share                                           cents               10.9                   9.9               24.0
  Distribution cover                                               times                                                         3.3
  Share price
     - closing                                                     cents               620                 605                650
     - high                                                        cents               710                 930                930
     - low                                                         cents               570                 590                555
  Net asset value per share                                        cents               441                 379                400
  Net tangible asset value per share                               cents               371                 354                341
  Market capitalisation                                            R'000         2 191 502           1 828 147          1 983 618
  Weighted price earnings ratio                                                         8.6                9.1               12.5
  Volume of shares traded                                          '000             95 441              80 947            180 585
  Percentage of shares traded                                      %                  29.2                26.9               59.8

                                                                                                                                       Page 2 of 11
      New Clicks Holdings Limited - Interim Results 2003



CONSOLIDATED BALANCE SHEET
                                                        As at               As at             As at
R'000                                       28 February 2003    28 February 2002    31 August 2002

Assets
Non-current assets                                  1 363 239         1 053   394       1 195   134
 Property, plant & equipment                          691 885           584   044         617   767
 Goodwill                                             245 924            74   987         182   502
 Loans                                                358 018           364   247         331   755
 Deferred tax                                          67 412            30   116          63   110
Current assets                                      1 755 058         1 259 682         1 266 656
 Inventories                                        1 288 652         1 094 058         1 055 137
 Accounts receivable                                  466 406           162 729           196 624
 Taxation prepaid                                           -             2 895            14 895
Total assets                                        3 118 297         2 313 076         2 461 790

Equity and liabilities
Capital and reserves                                1 558 789         1 144   794       1 221   757
 Ordinary share capital                                 3 535             3   021           3   052
 Share premium                                        870 623           516   524         534   455
 Non-distributable reserve                             99 392           128   347         169   119
 Distributable reserves                               585 239           496   902         515   131
Non-current liabilities
 Long-term liabilities                                235 037           235 305           230 546
Current liabilities                                 1 324 471           932 977         1 009   487
 Accounts payable                                   1 163 406           753 549           887   542
 Short-term borrowings                                139 984           179 428           108   583
 Taxation payable                                      21 081                 -            13   362
Total equity and liabilities                        3 118 297         2 313 076         2 461 790




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        New Clicks Holdings Limited - Interim Results 2003



CONSOLIDATED INCOME STATEMENT
                                                                     Six months to       Six months to          Year to
R'000                                                            28 February 2003    28 February 2002    31 August 2002

Turnover                                                               3 436 679           2 792 414         5 487 791
Cost of merchandise                                                    2 514 256           1 983 081         3 932 390
Gross profit                                                             922 423             809   333       1 555   401
Other revenue                                                            209 842             156   814         424   861
Other expenditure                                                        917 705             789   113       1 661   702
  Depreciation                                                            52 418              46   150          96   426
  Occupancy costs                                                        196 072             172   666         358   865
  Employment costs                                                       438 192             381   555         756   006
  Other operating costs                                                  231 023             188   742         450   405
Operating profit                                                          214 560             177 034          318 560
Net interest (paid)/received                                             ( 42 754)           ( 28 961)        ( 67 220)
 Interest paid - excluding Purchase Milton & Associates (PM&A)           ( 42 754)           ( 28 961)        ( 67 220)
 Interest accrued - PM&A                                                   28 835              18 593           45 525
 Provision against interest accrued - PM&A                               ( 28 835)           ( 18 593)        ( 45 525)
Net profit after interest                                                171 806             148 073           251 340
Provision - impairment of loan to PM&A                                         -                   -          ( 32 475)
Net profit before exceptional items                                       171 806            148 073           218 865
Exceptional item - goodwill amortised                                    ( 10 519)            ( 3 786)        ( 11 346)
Profit before taxation                                                   161 287             144 287           207 519
Normal taxation                                                           48 106              41 722            71 584
Deferred taxation - impairment of loan to PM&A                                 -                   -          ( 10 265)
Profit attributable to ordinary shareholders                             113 181             102 565           146 200

Adjustment for goodwill amortised                                         10 519               3 786            11 346
Headline earnings                                                        123 700            106 351           157 546

Breakdown of headline earnings
  Organic earnings                                                       118 953
  Acquisitive earnings
    Price Attack                                                            3 517
    New United Pharmaceutical Distributors                                  7 268
  Cost of funding acquisitions                                            ( 3 835)
  Impact of foreign exchange rate movement                                ( 2 203)
Headline earnings                                                        123 700
                                                                                                                           Page 4 of 11
     New Clicks Holdings Limited - Interim Results 2003



CONSOLIDATED CASH FLOW STATEMENT
                                                                       Six months to       Six months to           Year to
R'000                                                              28 February 2003    28 February 2002     31 August 2002

Cash effects of operating activities
Operating profit before working capital changes                            269 051             224 238            418 834
Working capital changes                                                  ( 105 235)          ( 149 063)          ( 10 705)
Cash generated by operations                                                163 816              75 175           408 129
Net interest paid                                                          ( 42 754)           ( 28 961)         ( 67 220)
Taxation paid                                                              ( 35 937)           ( 55 252)         ( 89 508)
Cash inflow from operating activities                                        85 125              ( 9 038)         251 401
Distributions to ordinary shareholders                                      ( 8 596)           ( 16 186)         ( 37 736)
Net cash effects of operating activities                                    76 529             ( 25 224)          213 665

Cash effects of investing activities
Investment in property, plant & equipment to expand operations             ( 80 998)           ( 69 627)        ( 158 005)
Acquisition of subsidiaries and businesses (refer to note below)              3 572                   -           ( 89 723)
Proceeds on disposal of property, plant & equipment                           1 205               1 420              6 668
Increase in loans                                                          ( 28 446)           ( 64 299)          ( 68 974)
Net cash outflow from investing activities                               ( 104 667)          ( 132 506)         ( 310 034)

Cash effects of financing activities
Shareholders' funds raised                                                    8 069                   -            14 150
Long-term borrowings - repaid                                              ( 15 255)            ( 8 576)         ( 13 433)
Net cash effects of financing activities                                    ( 7 186)            ( 8 576)              717

Net decrease in cash & cash equivalents                                    ( 35 324)         ( 166 306)          ( 95 652)
Adjustment for foreign exchange fluctuation                                   3 923               2 384             2 575
Cash & cash equivalents at beginning of period                           ( 108 583)            ( 15 506)         ( 15 506)
Cash and cash equivalents at end of period                               ( 139 984)          ( 179 428)         ( 108 583)




                                                                                                                        Page 5 of 11
     New Clicks Holdings Limited - Interim Results 2003



Note to the cash flow statement

Acquisition of subsidiaries and businesses
  During the period, the group acquired New United Pharmaceutical Distributors
  (August 2002: Price Attack). The fair value of assets acquired and liabilities
  assumed were as follows:
    Property, plant and equipment                                                    ( 69 177)       ( 123)
    Trademarks/Investments                                                                 ( 9)       ( 30)
    Goodwill                                                                         ( 98 972)    ( 89 570)
    Deferred taxation                                                                  ( 2 748)          -
    Inventories                                                                    ( 200 297)            -
    Accounts receivable                                                            ( 333 343)            -
    Cash                                                                               ( 6 670)          -
    Outside shareholders' interest                                                       2 182           -
    Long-term liabilities                                                               22 582           -
    Accounts payable                                                                  381 100            -
    Taxation                                                                             8 148           -
 Total purchase price                                                              ( 297 204)     ( 89 723)
 Paid for by the issue of share capital                                              294 106             -
 Cash acquired on acquisition                                                          6 670             -
 Net cash flow of acquisition                                                          3 572      ( 89 723)




                                                                                                        Page 6 of 11
     New Clicks Holdings Limited - Interim Results 2003



CONSOLIDATED CHANGES IN EQUITY STATEMENT
                                                                                               Non-
                                                   Number of      Share       Share   distributable   Distributable
R'000                                            shares ('000)   capital   premium          reserve         reserve    Total

Balance at 31 August 2001                             298 541    2 985     494 570         94 808         423 170     1 015 533
Capitalisation awards and share issues                  3 632       36      21 954              -               -        21 990
Foreign currency translation reserve                                 -           -         38 189               -        38 189
Deferred tax on w/off of intangible assets                           -           -        ( 4 650)          4 650              -
Profit for the period                                                -           -              -         102 565       102 565
Distribution                                                         -           -              -        ( 33 483)     ( 33 483)
Balance at 28 February 2002                           302 173    3 021     516 524       128 347          496 902     1 144 794
Capitalisation awards and share issues                  2 999       31      17 931              -               -        17 962
Foreign currency translation reserve                                 -           -         45 422               -        45 422
Deferred tax on w/off of intangible assets                           -           -        ( 4 650)          4 650              -
Profit for the period                                                -           -              -          43 635        43 635
Distribution                                                         -           -              -        ( 30 056)     ( 30 056)
Balance at 31 August 2002                             305 172    3 052     534 455        169 119         515 131     1 221 757
Capitalisation awards and share issues                 48 296      483     336 168              -               -       336 651
Foreign currency translation reserve                                 -           -       ( 69 727)              -      ( 69 727)
Profit for the period                                                -           -              -         113 181       113 181
Distribution                                                         -           -              -        ( 43 073)     ( 43 073)
Balance at 28 February 2003                           353 468    3 535     870 623         99 392        585 239      1 558 789




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     New Clicks Holdings Limited - Interim Results 2003



SEGMENTAL ANALYSIS
                                             As at 28 February 2003                    For the six months to 28 February 2003
R'000                                       Fixed Assets     Stock        Operating profit   Shared Services allocation Profit after allocation

South African Brands
  Clicks                                          93   017     565 857            186 542                       47   248              139 294
  Discom                                          51   128     138 340              9 787                       12   001               ( 2 214)
  Music Division                                  41   842     112 721             28 013                        9   388                18 625
  The Body Shop                                    8   506      11 817              6 226                        2   869                  3 357
  Link Investment Trust                            8   177       7 137                987                              -                    987
  Intercare                                        3   174           -              ( 362)                             -                 ( 362)
  United Pharmaceutical Distributors              68   473     166 528             10 095                              -                10 095
South African Corporate Division                 300 693        12 499                   -                             -                      -
Total South Africa                               575 010      1 014 899           241 288                       71 506                169 782

Australian Brands
 Priceline                                       108 520       240 347             71 251                       35 411                  35 840
 House                                             1 183         3 693              8 066                        4 013                   4 053
 Price Attack                                      1 220           723              9 722                        4 837                   4 885
Australian Corporate Division                      5 952        28 990                   -                             -                      -
Total Australia                                  116 875       273 753             89 039                       44 261                  44 778


Total Group                                     691 885      1 288 652          330 327                       115 767                 214 560




                                                                                                                                          Page 8 of 11
           New Clicks Holdings Limited - Interim Results 2003




SOUTH AFRICAN TRADING SEGMENTAL ANALYSIS
Six months to 28 February                                 Total SA Trading                 Clicks                    Discom                  Music Division              Body Shop          Link Investment Trust       Intercare            UPD
R'000                                                        2003          2002          2003            2002      2003           2002          2003            2002     2003      2002          2003          2002     2003      2002      2003

Turnover                                                2 545 892       1 983 125   1 522 393       1 354 224   391 732       368 063        268 041      242 278      24 903     12 056       9 431         6 504                       329 392

Operating profit (before allocation)                      241 288        197 137     186 542          174 079     9 787        ( 4 450)       28 013          26 108    6 226      3 971        987         ( 1 812)   ( 362)   ( 759)    10 095
Shared Services allocation                                 71 506         56 488      47 248           33 948    12 001          8 997         9 388          10 576    2 869      2 967          -               -         -       -          -
Operating profit (after allocation)                       169 782        140 649     139 294          140 131   ( 2 214)      ( 13 447)       18 625          15 532    3 357      1 004        987         ( 1 812)   ( 362)   ( 759)    10 095

                                                          Total SA Trading                 Clicks                    Discom                  Music Division              Body Shop          Link Investment Trust       Intercare            UPD     Shared Services
                                                             2003          2002          2003            2002      2003           2002          2003            2002     2003      2002          2003          2002     2003      2002      2003      2003        2002

Operating profit margin (after allocation)   %                    6.7         7.1         9.1            10.3      (0.6)          (3.7)           6.9            6.4     13.5        8.3        10.5          (27.9)                         3.1
Number of stores
   - company owned                                            581            573         253              238       178           193            137             137       13          5          -              -
   - franchised                                               331            364          14               13         2             7              -               -        -          -        315            344
Trading area                                 m²           207 450        201 461     138 960          132 124    49 339        52 800         17 185          16 310      802        227                               1 164
Weighted annual sales per m²                 R             22 908         18 375      20 450           19 133    14 821        13 012         29 115          27 729   57 962     99 139
Number of permanent employees                               6 830          5 526       3 400            2 697     1 232         1 362            558             506       63         30          34            36        23                572         948        895



AUSTRALIAN TRADING SEGMENTAL ANALYSIS
Six months to 28 February                                 Total Aus Trading               Priceline                  House                Price Attack
A$'000                                                        2003          2002         2003            2002      2003           2002           2003

Turnover                                                  167 524        151 931     166 018          150 009     1 238         1 922            268

Operating profit (before allocation)                        16 938        14 756      13 593           13 405     1 517         1 351          1 828
Shared Services allocation                                   8 517         7 926       6 854            7 371       754           555            909
Operating profit (after allocation)                             8 421      6 830       6 739            6 034      763            796            919

                                                          Total Aus Trading               Priceline                  House                Price Attack                 Shared Services
Six months to 28 February                                     2003          2002         2003            2002      2003           2002           2003                    2003        2002

Operating profit margin (after allocation)   %                    5.0         4.5         4.1             4.0
Number of stores
   - company owned                                             134           124         132              122        -              2              2
   - franchised                                                187            74           2                -       88             74             97
Trading area                                 m²             62 744        59 172      62 556           58 781                     391            188
Weighted annual sales per m²                 A$              4 984         4 793       4 954            4 764                                  2 661
Number of permanent employees                                1 019           949         811              743       11             20             13                      184        186




                                                                                                                                                                                                                                                   Page 9 of 11
     New Clicks Holdings Limited - Interim Results 2003



NOTES
1. Accounting policies and restatement of comparatives
    These interim financial statements have been prepared in accordance with the South African Statements of Generally Accepted Accounting Practice, and
    the accounting policies are consistent with the prior year, other than the changes reflected in the notes below.

2. Loan to Purchase Milton & Associates (PM&A)
    For the period under review, PM&A, the pharmacy chain that the group has an association with, traded at a loss of R8,2 million before the interest charge
    from the group, and had a shareholders' deficit of R140,8 million as at February 2003. The loan to PM&A from the group amounted to R283,1 million at
    the end of February 2003 after the impairment disclosed at August 2002 and the interest provision explained in note 3 below. PM&A are however
    forecasting a trading profit for the full year to August 2003 before interest. The directors are of the opinion that no further impairment of the loan is
    required on the basis of the value in use calculation, as they are pleased with the progress in the turnaround of the business and its future potential.
    It is anticipated that the imminent changes in healthcare legislation will allow New Clicks Holdings to acquire the business of PM&A and to consolidate its
    operations, subject to the relevant regulatory approvals.

3. Net interest
    As PM&A traded at a loss for the period, the directors have decided to provide in full for the interest accrued on the loan to PM&A, and will continue to
    do this until such time as the interest is covered by trading profits.
    The comparatives for the six months to February 2002 have been restated on the same basis, which has resulted in a reduction in headline earnings
    of R13 million and a reduction in undiluted headline earnings per share of 4.4 cents. In addition, for the year to August 2002, to achieve consistency,
    part of the impairment has been allocated as a provision against interest accrued, with the balance remaining as an impairment. The effect of this on
    headline earnings is included in note 4 below.

4. Accounting circular on headline earnings
    In line with the new definition of headline earnings, any impairment in respect of the loan to PM&A must be taken into account in headline earnings. The
    comparative figures for the year to August 2002 have been restated in line with this. The effect of this change for the year to August 2002 is to reduce
    headline earnings by R54,6 million and to reduce undiluted headline earnings per share by 18,1 cents.




                                                                                                                                                    Page 10 of 11
     New Clicks Holdings Limited - Interim Results 2003



DEFINITIONS
Headline earnings
Net profit for the period adjusted for the after tax effect of goodwill and exceptional items.
Asset turn
Turnover for the period divided by the average total assets for the period.
Return on total assets
Headline earnings expressed as a percentage of the average total assets for the period.
Return on shareholders' interest
Headline earnings expressed as a percentage of the average ordinary shareholders' interest for the period.
Interest cover
Operating profit for the period divided by the net interest paid.
Headline earnings per share
Headline earnings divided by the weighted average number of shares in issue for the period.
Diluted headline earnings per share
Headline earnings divided by the diluted weighted average number of shares in issue for the period.
Distribution cover
Headline earnings for the period divided by the distributions for the period.
Net asset value per share
Net assets at period end divided by the number of shares in issue at period end.
Market capitalisation
The market price per share at period end multiplied by the number of shares in issue at period end.
Percentage of shares traded
The number of shares traded as a percentage of the weighted number of shares in issue.
Weighted price earnings ratio
The market price per share at period end divided by headline earnings per share, weighted according to the
number of trading weeks in the period.

CONTACTS
                                        Tel                        Cell                       Email
South Africa
Motiv Investor Relations
 Don Bowden                 +27 (0)21 440 7432            +27 (0)82 555 8721     donb@motiv.co.za
 Sue Hemp                   +27 (0)21 440 7433            +27 (0)83 703 3131     sueh@motiv.co.za
 Graeme Lillie              +27 (0)21 440 7469            +27 (0)82 468 1507     graemel@motiv.co.za

Australia
Simon Burrow                +61 3 9730 8000               +61 439 730 800        s.burrow@newclicks.com.au



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