Networking solutions provider I-Fusion has narrowed its focus after a further restructuring.
<B>Salient figures</B>
Bidvest Group results for the year to 30 June 2002
Previous year`s figures in parentheses, move in square brackets:
Revenue: R41.95b (R29.42b) [+42.6%]
Operating income: R2.01b (R1.42b) [+41.5%]
Income after tax: R1.35b (R1.08b) [+25.3%]
Attributable income: R1.24b (R1.04b) [+19.9%]
HEPS: 436.2c (361.8c) [+20.6%]
Dividend per share: 190c (169.2c) [+12.3%]
Cash generated by operations: R2.79b (R1.56b)
Current assets: R10b (R6.16b)
Current liabilities: R8.13b (R5.25b)
NTAV per share: 1 574c (1 186c)
I-Fusion:
Revenue: R159.23m (R168.24m)
Operating income: -R9.1m (-R5.97m)
mymarket.com:
Revenue: R162 000 (--)
Operating income: -R2.17m (--)
Brian Joffe, executive chairman of parent group Bidvest, says the year to 30 June was a particularly challenging period for IT companies.
I-Fusion was restructured so that its focus falls on the provision of networking solutions.
Joffe says the group remains committed to maximising I-Fusion`s capabilities due to the strategic nature of the operation.
Both I-Fusion and Bidvest`s e-marketplace, mymarket.com, incurred operating losses.
Mymarket.com spent most of the year developing the infrastructural and software capabilities to accommodate the needs of trading partners. The cost of the development, which Joffe says was largely completed by March, was R25.3 million.
Two national customers are now trading online and mymarket.com has embarked on an aggressive customer acquisition strategy.
"The site built for 3663 First for Foodservice in the UK went live at the end of May 2002. A number of customers have already been signed up and 3663 is implementing the system into these customers` business," Joffe says.
Bidvest`s corporate services division, which incorporates I-Fusion and mymarket.com, was the only one of the group`s divisions to see its revenue fall. However, the division`s contribution to total revenue is negligible.
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