IT products and services supplier Pinnacle Technology Holdings grew significantly in the year to end-June in a period marked by several acquisitions and the establishment of joint ventures.
<B>Salient figures</B>
Pinnacle Technology Holdings results for the year to 30 June 2002
Previous year`s figures in parentheses, move in square brackets:
Revenue: R358.55m (R295.75m) [+21.2%]
Operating income before depreciation: R14.4m (R7.78m) [+85.19m]
Net profit before tax: R7.94m (R314 000) [+2 428%]
Net profit: R6.6m (R222 000) [+2 870%]
Attributable earnings: R6.6m (R884 000) [+646%]
HEPS: 4.44c (0.15c) [+2 860%]
Current assets: R123.23m (R97.46m)
Bank and cash balances: R8.14m (R792 000)
Current liabilities: R98.8m (R63.94m)
NAV per share: 48.85c (43.03c)
Cash inflow from operating activities: R27.45m (-R1m)
During the year Pinnacle acquired 35% of software distributor Explix, trading as Workgroup, 59% of digital storage company Intelligent Systems and 45% of empowerment company Tswela Services, which specialises in software training.
The group also formed a joint venture to establish rental company Rentnet and closed its Cape Town Pinnacle Micro branch to form a joint venture with the previous management of SDD Cape Town.
Pinnacle Micro, the IT infrastructure subsidiary, increased its geographical spread by opening branches in Nelspruit, Bloemfontein, Windhoek and Gaborone.
The group says it will focus on incorporating the new acquisitions and will concentrate on organic growth in the year ahead.
It says although no dividends were proposed in the current year, its board has reviewed the dividend policy and will in future support a dividend, subject to a favourable financial position.
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