Compu-Clearing, provider of clearing systems to customs, freight forwarding and cargo industries, has posted year-end results ahead of forecast and has cleared its debt to place the company firmly in the black.
The company, which listed in November last year, has seen 278% growth in earnings and earnings per share are 151% above the previous year at 10.3 cents. Although the group`s income was less than forecast, the board blames this on low interest rates and says that operating profits more than compensated for this, clocking in 97% ahead of the 1998 fiscal year.
The board says growth was mostly organic. Compu-Clearing acquired Clearway Systems in March, but the results of this deal are only expected to be felt next year. New departments such as networking services, Internet services and imaging systems are beginning to show results, and although these are of a minor nature in relation to the core business activities, the board is satisfied that it is self-sustaining.
Shares were issued at 100c on 3 November last year and opened trade at 190c; shares closed yesterday at 199c. A month before Compu-Clearing listed, Bidvest acquired a 20% stake in the company.
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