Financial software company Global Technology (Glotec) has emerged ahead of the game after a turbulent 18 months, growing its revenue and headline earnings.
On a pro forma basis within the last 12-month reporting period, Glotec reported a 17% increase of revenue to R437.2 million.
Similarly, operating profit before interest and tax grew 10% to R40.7 million, and headline earnings per share moved up 4% to 9.8c from 9.4c year-on-year.
Glotec says it closed 325 new deals in the year-and-a-half under review, 210 of those coming from new business and the remainder coming from repeat business. It also closed a further 10 "significant" deals in the first 10 weeks of the new financial year.
The group, which operates predominantly in Africa and Australia, now derives 88% of its revenue in dollars.
Glotec, now under the executive chairmanship of group CEO, Ray Leonard, says it will streamline its business to four operating subsidiaries, each headed up by their own CEO. The divisions will be divided into African, Australian, Business Intelligence and Insurance operations.
The group will report separately on its 15% stake in Swiss-listed software company Temenos and also changed its year-end to coincide with that of Temenos.
Leonard says Temenos is doing "incredibly well", making significant inroads into the first-tier banking sector.
"Temenos has reduced its head count, lowered its costs and we expect margins to increase accordingly. They have also released a new banking product, Core Banking, running on an IBM mainframe, and we expect to see significant growth from this development," says Leonard.
The group says it will continue to leverage its relationship with Temenos to create a sales channel for its Globus banking products into the Northern Hemisphere. Glotec management remains upbeat on business conditions for the 2002 financial year.
Related stories:
Glotec says joint CEO/chairman position 'temporary`
Share
