Investment holding company Planit Technology has reduced its losses for the year to February. It remains adamant it will edge its way into positive territory in the 2002 financial year.
Although revenue for the year was down from R39.6 million to R21.2 million, Planit reduced its operating loss for the 2001 financial year to R10.7 million from the previous R26 million.
The figures translate into an attributable loss of R6 million and a headline loss of 0.7c per share, compared to the 5.8c loss for the comparable period.
The Planit board was reconstituted in April with Index Capital Partners assuming control of the company. This followed Dale Packham`s year-long stint as CEO of Planit. Hailing from Index Capital, Packham left Planit in April, saying he had done his bit to turn the company around.
The new Planit board says it took the lead to "stabilise the group, investigate its affairs, and propose an effective operating and management policy".
Planit has been plagued by management problems since its inception. Shareholders ousted the original board and investigations into the original team`s dealings continue.
The company`s present board comments: "It has unfortunately been necessary to devote an inordinate amount of management time to investigating and finalising transactions undertaken by previous vendors. This has been an ongoing process with further transactions of this nature being unearthed regularly during the period under review."
Although management says it will continue to investigate future alliances and possible acquisitions, the group finished the year with R429 987 in cash and cash equivalents, and a share price of 3c.
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