Listed MB Technologies has reacted strongly to allegations by a distribution company that all companies exposed to this market would suffer disappointing figures as a result of the slowdown in the sector.
Group CEO Leo Baxter said MB Technologies is comfortably on track to achieve its growth targets for the 2001 interim period which closes off at the end of February.
Baxter was reacting to a remark made to the Investment Analyst Society on Wednesday, where an IT distribution company commented that its disappointing results would be echoed by all companies exposed to this sector.
"Whilst MB Technologies derives only a portion of its earnings out of this sector, through its value add distribution subsidiary Tarsus Technologies, this company is producing results significantly ahead of its budget. Focused and controlled growth in this area will ensure the ongoing success of both Tarsus and the group," he said.
MB Technologies reported strong results for its last financial year to August, increasing its net cash flow from operating activities from R6.43 million to R23.49 million. Turnover grew by 37% and headline earnings increased by 36.1% to 11.7c per share.
MB Technologies is scheduled to release its interim results for the six months to February around the middle of April.
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