JSE-listed Compu-Clearing Outsourcing (Compuclear) has reported a 41% increase in headline earnings to 9.2c a share for the six months to December, from 6.6c for the same period a year earlier.
The financial statements have been drawn up to comply with international financial reporting standards (IFRS) for the first time, and prior-year figures have also been restated to comply with IFRS.
Chairman Arnold Garber attributes the performance to increased revenues (which rose from R18.52 million to R19.36 million), improved cost control and a reduction in the secondary tax on companies (STC) charge.
"Ignoring the once-off impact of the reduced STC charge, growth in headline earnings is still a very pleasing 26%, which bodes well for the future," he adds.
Compuclear is a provider of IT products and services to the customs clearing, freight forwarding, air cargo and related industries.
The group`s operating profit improved to R4.81 million (2004: 4.03 million), while pre-tax profit rose 19% to R5.67 million (R2.53 million). STC of R0.48 million compared with a prior-year charge of R0.86 million.
Attributable earnings were 40% up at R3.53 million (R2.53 million). Compuclear generated R6.12 million (R5.54 million) from trading operations.
The group`s net asset value (NAV) improved to 91.6c (83.2c) a share. At the end of the financial year to June 2005, NAV per share stood at 92c.
"I am excited by the prospects for the second half, during which operating performance traditionally exceeds the first six months," Garber says.
"A new order planning entry system is scheduled for release and has been enthusiastically received by those clients we have previewed to.
"The launching of strategic relationships with two niche banks will extend the group`s range of services and broaden our revenue base."
The Compuclear share was untraded at 240c on the JSE early this morning.
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