Vesta Technology Holdings, which has reported a net loss of R215 000 for the six months to February, has decided to refocus on only two main areas of business.
Although the company achieved a profit of R135 000 for the six months to February last year, at the August year-end it reported a net loss of R31 000.
Revenue in the latest period fell by 34.1% from R8.68 million to R5.72 million.
"Tough trading conditions persisted and Vesta was unable to optimise its return," says CEO Frederick Morrison. "We unfortunately also lost one of our bigger accounts. This is visible in the decrease of revenue."
As a consequence, he says, Vesta had to restructure, which will result in financial director Edward Thomas leaving the group.
"A refocus on only two main areas, system support and development, will create a cleaner and more focused team to grow these," Morrison adds. "We are confident that the company can once again achieve a position of sustained growth."
The group posted a headline loss of 0.1c a share, compared with headline earnings of 0.2c a share for the year-earlier period.
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