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itnews@itweb.co.za | Advertise on ITWeb | Wed, 18 Feb 2009 |
Simeka reports strong results
Despite the global financial crunch, AltX-listed ICT company Simeka Business Solutions Group has reported a strong set of interim results for the six months ended November 2008.
While the company's growth has slowed slightly, it produced a 27% increase in revenue over the same period last year, from R309 million to R393 million. Simeka, in the same period for 2007, produced a 44% growth in revenue.
Simeka company policy is not to declare a shareholder dividend and it has adhered to this concept during these results. However, according to its results announcement, the company intends to change its policy and declare a dividend at its financial year-end in May.The company has been pushing its government portfolio of projects over the last year and has secured a strong place within the public sector. The company says that, coupled with the projection of increased government spend over the next 12 to 18 months, the business intends to entrench a stronger presence in the public sector.
Simeka has been dealing with contracts from the auditor general, the Department of Justice, the Department of Land Affairs and the State IT Agency.
The company is also looking at international expansion over the next six months. It says its growth prospects will lie in the roll-out of Microsoft solutions in the Middle East.
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