Planit Technology Holdings appears to be on the road to recovery, reporting a headline loss of 0.5c for the interim period, marginally healthier than the 2.2c loss recorded for the same period last year.
It has been a rocky road for Planit, after a shareholder coup ousted the original board. There is also a legal dispute arising from a R10 million loan account.
Revenue has dipped from R29.4 million in 1999 to R13.5 million for the six months to August. An operating loss of R7 million compares to a previous R9.4 million loss.
Interest-bearing borrowings jumped to R6.2 million, up on the full year`s borrowings which stood at R5.2 million.
Planit management says it has ditched non-core and non-profitable divisions, including HKC Systems and Billcost Systems, and will focus on growing new acquisition Building Information Systems.
I-Web Technologies, the subsidiary that focuses on thin-client solutions, is currently the only non-profitable subsidiary. Planit feels the annuity-based income derived from the division justifies continued support and development costs.
The group is currently pursuing an empowerment policy and hopes to secure black partnership in the near future.
Following UK group Integrity Software`s R10 million injection into Planit, the board says it is in advanced negotiations for two new acquisitions.
The share was trading in heavy volume at 6c by 10am today.
Related stories:
Planit sustains loss, meets restructuring hitch
Planit eyes acquisition after cash injection
Share
