Business solutions group Global Technology (Glotec) reduced its headline loss from 56.8c a share to 18.9c a share in the year to December.
A loss of R43.84 million for the year, on turnover of R192.58 million, compares with a previous loss of R370.16 million on turnover of R347.9 million.
"Glotec faced considerable challenges during the year under review," says CEO Graeme Victor. "The group`s overall results are disappointing, but clearly indicate that the strategic financial and operational restructuring and repositioning of the group has been successful thus far. We are also pleased to report that the subsidiaries, which remain at this stage of the restructuring, all operated profitably."
Global Technology Business Intelligence, Brolink and Associated Computer Solutions reported operating profits of R13.1 million, R4.7 million and R2.4 million respectively.
"Glotec`s focus on developing and growing its base of annuity income underpins its main objectives for the forthcoming year," says Victor. To assist in achieving these objectives, Glotec has identified a need for, and is committed to securing, a black economic empowerment partner."
The group`s auditors, Deloitte & Touche, have disclaimed the income and cash flow statements.
Victor says that as a result of the liquidation or sale of various subsidiaries, the auditors were unable to review the accurate classification between operating losses and exceptional items, which affects the headline loss per share calculation.
A rights issue, which opened on 15 March, will see the completion of the group`s financial restructuring, while the operational restructuring, including talks around the proposed sale of Brolink and Global Technology Insurance Systems, will continue, he says.
Share