IT service provider Infowave almost tripled its headline earnings per share for the year to end-February, and CEO Ralph Collis says continued growth can be expected in the current financial year.
Collis says the past financial year was a good one for the company. "The group remained focused on its objectives to grow organically and concentrate on its core business."
<B>Salient figures</B>
Infowave Holdings results for the year to 28 February 2002
Previous year`s figures in parentheses:
Revenue: R26.9m (R21.88m)
Operating profit before interest: R6.02m (R2.05m)
Profit before tax: R6.67m (R2.44m)
Attributable profit: R4.54m (R1.41m)
HEPS (weighted average): 5.32c (1.93c)
NAV per share: 12.59c (7.42c)
Current assets: R14.34m (R7.85m)
Current liabilities: R3.68m (R4.55m)
Cash and equivalents: R10.74m (R4.6m)
He adds that the performance is mainly as a result of a full financial year without legacy one-off costs, strong financial controls and corporate governance, and focusing on niche markets.
He also attributes the company`s growth to the implementation of annuity contracts with customers added through a previous acquisition, focusing on developing new business with the existing customer base, and revenue derived from Oracle sales.
"Oracle continues to be the preferred technology used to build customised and packaged software and InfoWave continues to win, implement and support new 'turn-key` solutions."
Commenting on the identification of a global partner, Collis says that, as the board anticipated, the process is a lengthy one, although there has been "steady progress".
"Our cautious approach and 'business as usual` policy has been in the interests of our shareholders, our customers and our employees," he adds.
"Our plans and prospects for the next financial year are positive and we anticipate continued growth opportunities and service offerings, some of which have already commenced."
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