Aqua Online, an e-commerce solution provider, listed today on the venture capital sector of the JSE, with forecasts promising investors to double its earnings per share to six cents in the first year`s trade.
The company has reverse listed through the Absec cash shell, previously trading on the development capital sector.
Aqua Online says the R24 million raised from the listing will be used to fund an exponential growth plan as well for incentive schemes and to retain intellectual capital.
The Aqua Group provides end-to-end e-commerce services across the full spectrum of online and offline services from front-end strategic consulting and enablement to ongoing back-office support and maintenance, allowing Aqua`s customers to focus on their core competencies.
Looking at the listing prospectus for Aqua Online, the company has forecast headline earnings for the year ending 30 June 2000 of R3.93 million with a headline EPS of three cents. Projected earnings for the 2001 financial year are at R13.2 million and headline EPS is expected to double to 6.1 cents.
Brent Shahim, MD of Aqua`s South African businesses says, "Since announcing our intention to list in November 1999, we have surpassed our operating expectations. Our business model has consistently been reinforced as new international client projects go on-stream.
"One such example is the award winning UK-based Greenfingers.com business. Aqua built and developed this site in South Africa, while it implemented and maintains the site from the UK, where Aqua derives sterling revenues. We are successfully exploiting the rand/dollar and rand/sterling cost differentials to the full, passing on the earnings benefit to all of our stakeholders," comments Shahim.
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