That's the damper on management's view that "it is evident Jigsaw has undergone a radical turnaround since the previous year-end".

There are positives. For the six months to end-August, headline EPS were 2,6c, compared with a loss of 5,2c for the same period last year. Operating profit was R630 000, up from a loss of R3,9m, though turnover declined from R49m to R35m.

The cash front, an important indicator for many investors, is still worrying. Cash generated from operating activities declined from R39,8m to R35,9m. This is against core obligations such as payment of R28,5m to suppliers and employees, cost of finance totalling R4,1m, taxation and other expenses. The group ended the period with a cash position of -R36m, compared with -R20,7m for the same period last year.

Investors may have to wait for the opinion of auditors BDO Spencer Steward, whose comment on the annual results to end-February appeared only last month and indicated doubt about the group's ability to continue as a going concern.

Jigsaw was saved from bankruptcy last year by its 34% shareholder Absa Bank, through subordination of a loan. A cautionary notice was withdrawn last month without any action.

Jigsaw finds itself in this precarious position after an attempt by a new management team, led by Neville McIntyre, to restructure operations. The team started rebuilding by closing down certain operations and the balance sheet took a knock.

Having gone through restructuring, Jigsaw still has three estate-agent franchising operations - Aida, Era and Realty 1 Elk - which are said to be performing well.

The group also maintains property development division Machaus and property services operations such as Ascendant Cashflow. It says all three divisions contributed positively.