Digital solutions and managed services provider Intervid has incurred an interim net loss of R36.3 million, slightly worse than the year-earlier loss of R35.5 million.
<B>Salient figures</B>
Intervid results for the six months to 31 December 2002.
Year-earlier figures in parentheses:
Gross revenue: R282.65m (R43.85m)
Turnover: R277.96m (R33.32m)
Loss before tax: R39.44m (R48.57m)
Loss after tax: R36.29m (R35.48m)
Net loss: R36.29m (R35.48m)
HEPS: -23c (-35.7c)
Headline loss: R21.25m (R32.73m)
Current assets: R501.09m (R623.26m)
Cash and equivalents: R297.38m (R560.55m)
Current liabilities: R221.54m (R77.5m)
NAV per share: 441c (682c)
Net cash flows from operating activities: -R80.75m (-R22.16m)
The headline loss, however, improved from R32.73 million to R21.25 million.
At the September release of the results for the year to end-June, the company blamed a R44 million net loss on the costs of international expansion. That net loss has subsequently been restated at R48.5 million.
CEO Robert le Sueur says Intervid continued in executing its international growth strategy in the six months to 31 December, which required continued investment in administration support and sales infrastructure. Sales in all operating regions improved as a result.
International operations contributed 80.5% to group revenue, with the main growth experienced in the UK.
"The negative impact of the international expansion on the South African operation as previously reported has been addressed and this operation has regained a strong trading position."
He says the company is still progressing with the international expansion strategy.
"The focus over the next six months will be on managed growth driven by achieving targeted sales and ensuring cost-effectiveness."
The Intervid share was untraded at 140c on the JSE this morning.
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