Global Technology (Glotec) has coasted across the finish line for the year to June, attributing its successful year-end results to better margins and strong dollar earnings.
The software solutions provider posted a turnover of R276 million, up by 20% from the R229 million reported in 1999.
Headline earnings for the year rose to 10.5c, an increase of 31%. The group achieved an attributable profit of R25.8 million, a jump of 92% from the previous year.
The group says it increased headline earnings by greater market penetration and bumping up margins from 11.4% to 13.9%.
Added to this is the fact that all non-core businesses were disposed of and the group says senior management was strengthened with the appointment of David McWilliam as chief operating officer.
CEO Ray Leonard says over half of Glotec`s earnings were in dollars, which also had a positive impact on the increased earnings per share.
At the time of its interim results, Glotec said some deals had been postponed, but the company says this has been overcome and orders picked up strongly in the second half.
Glotec acquired a 14.7% strategic stake in Temenos in July. The incorporation of this investment is expected to increase the group`s US dollar earnings to 80% of total revenue.
The company says it will continue its global penetration policy into the new financial year in a continuing bid to up its foreign currency earning capabilities.
In line with company policy, no dividend was declared for the year.
The Glotec share price climbed 13% to trade at 96c at noon today.
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