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GLOBE INTERNATIONAL LIMITED 2003-01-06 ASX-SIGNAL-G

HOMEX - Melbourne

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The preliminary unaudited financial results for the six months to 31
December 2002 are currently being prepared. However, the weaker than
anticipated trading activity of Globe International Limited (Globe)
businesses, and other factors set out below, have necessitated a
revision of the earnings guidance provided on 25 October 2002.

Globe now expects that the pre amortisation after tax earnings will
be approximately $4.1m or 1.0 cent per share for the six months to 31
December 2002, which compares to the 1.7 to 2.2 cents per share per
the previous guidance. The lower earnings are principally derived
from actual revenues in November and December being 14.5% lower than
assumed in the previous guidance forecasts. Post amortisation
earnings per share will be approximately $0.7m or 0.15 cents per
share.

Since the issuance of the prior guidance a number of specific factors
in each of Globe's key markets have impacted on the results for the
six months ended 31 December 2002, as follows:

*NORTH AMERICA

An unanticipated further deterioration in trading activity
significantly impacted Globe's at once footwear and skate hardware
business in December.

*INTERNATIONAL

Globe is providing $1.4m for the potential non-recovery of
receivables from distributors, mainly in Japan.

*AUSTRALASIA

The late receipt of inventory from offshore suppliers resulted in a
loss of business and a deferment in delivery of indent sales to early
calendar 2003.

The recently appointed CEO, Mel Sutton, with the senior management
team, is completing a review of all of Globe's businesses to
establish a clear growth agenda for the future. As a result of the
review and significant changes to be implemented, Globe is currently
unable to provide a guidance of its earnings to 30 June 2003. The
directors of Globe expect to issue revised earnings guidance for the
full year as soon as it is available but no later than at the release
of the six monthly results in early March.

Globe enters calendar 2003 as a profitable company with a strong
balance sheet. Globe's proprietary and licensed brands are very well
recognised, remain relevant and provide a sound basis for future
growth. In particular there are significant opportunities to further
leverage key brands into growth markets, particularly in apparel and
surf footwear.