The Advanced Technical Systems (Advtech) group lifted attributable earnings 13.8% to R43.4 million in the year to 31 December 1999, which it says reflects the performance of its listed subsidiaries.
Operating profit rose 26.5% to R62.6 million (1998: R49.5 million) on a 33% rise in turnover to R404.6 million (R304.1 million).
The group increased headline earnings per share 21.2% to 46.3c (38.2c).
Advsource Holdings, the group`s listed human resources/IT company, lifted operating profit 39.4% to R40.9 million (R29.4 million) on the back of a 27.2% increase in turnover to R198 million (R155.7 million).
Group MD Renney Plit says the turnover figure includes an amount of R21.3 million for the three months to 31 December, resulting from the acquisition from IBM of the IT contracting business managed by the Bryan Hattingh Group.
Attributable earnings increased 26.7% to R28.1 million (R22.2 million) while headline earnings per share remained static at 9.4c.
The Advtech group is undergoing a restructuring process which will see the three listed entities - Advtech, Adved and Advsource - being consolidated into one listed company.
Adved`s name will be changed from Advtech Education Holdings to Advtech Limited.
In view of the group`s restructuring, Advtech has decided not to declare a dividend.
"Prospects for the group are positive," says Plit. "The global shortage of human intellectual capital positions the group in a market segment that addresses an issue identified worldwide as the most important inhibitor of growth in the new millennium."
He adds that further international acquisitions are being considered. "These should generate substantial offshore earnings, as well as provide international access to personnel and expertise."
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