Niche IT group I-Fusion Holdings has reported another attributable loss, which it blames on difficult trading conditions.
Figures at a glance
I-Fusion Holdings results for the year to 30 June 2001
16 months to 30 June 2000 in parentheses:
Revenue: R168.24m (R195.5m)
Loss from operations: R5.97m (R13.22m)
Attributable loss: R8.43m (R14.27m)
HEPS: -2.7c (-13.9c)
Net cash outflow from operating activities: R2.22m (R6.14m)
NAV per share: 47.1c (38.3c)
Net cash and equivalents: R15.42m (-R17.9m)
The figures for the year to 30 June 2001 have been released without true comparative figures, since the company`s last annual results were for the 16 months to June 2000, owing to a change in the year-end.
CEO Ron Sackstein says that on an annualised basis revenue increased by 15%, while expenses on an annualised basis have largely remained unchanged due to a focus on cost control.
He adds that while trading conditions remain difficult, the group is positioned to take advantage of any improvements when they occur.
I-Fusion is in talks with Bidvest with regard to the acquisition by Bidvest of the total share capital of I-Fusion.
The deal, which has been subjected to delays, is intended to result in the merger of Bidvest`s IT interests in the new entity.
Related stories:
Bidvest negotiations drive up I-Fusion share price
I-Fusion shareholders forfeit deferred payment
I-Fusion reports loss
I-Fusion, Bidvest deal delayed
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