Beget Holdings, a mobile cellular technology business applications specialist, more than doubled its after-tax profit for the six months to 30 June.
<B>Salient figures</B>
Beget Holdings results for the six months to 30 June 2003.
Figures for the year-earlier period in parentheses:
Gross revenue: R4.18m (R1.66m)
Operating profit: R1.64m (R0.76m)
Profit before tax: R1.64m (R0.76m)
Profit after tax: R1.15m (R0.5m)
EPS: 0.4c (0.19c)
HEPS: 0.44c (0.23c)
Current assets: R2.72m (R3.13m)
Cash and equivalents: R0.79m (R1.87m)
Current liabilities: R1.38m (R0.4m)
Gross revenue soared to R4.18 million from R1.66 million a year before, while profit after tax increased from R0.5 million to R1.15 million.
Headline earnings per share rose by 91% from 0.23c to 0.44c.
Group MD Andr'e Potgieter says substantial effort went into the development of cellular GPRS applications during the period, resulting in the establishment of Beget VPN. "The earnings potential of this company is quite exceptional," he says.
"During the balance of this financial year four new products developed by Beget`s research and development company will be released to the market for sales and distribution." He says the group expects significant revenue streams from these products from next year.
Beget has restructured its acquisition of Ianitor, announced in January this year. In the revised agreement, Beget acquired specific software for about R3.85 million.
It is to apply to the JSE to cancel the 16.67 million shares at 18c, which were issued in favour of the Ianitor vendors.
"The cash paid to Ianitor has been set off against the acquisition of the specific software. Although the profit warrant from Ianitor as part of the initial acquisition agreement will not materialise, the company is confident that with the existing products a substantial profit can still be realised by year-end."
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