Connection Group Holdings increased headline earnings per share by 67% in the 15 months to August 2003 compared with the year to May 2002. At the same time, its CEO has announced his resignation.
The IT retail group says CEO Toni Fourie, who is leaving to pursue a new venture, will be replaced by current financial director Grattan Kirk. Fourie will leave after a structured transfer of responsibilities, it says.
Revenue of R1.01 billion for the 15 months compares with revenue of R886.14 million for the 12 months to end-May 2002, while the net profit of R27.58 million compares with a previous R2.2 million.
Fourie says the strong cash generation boosted reserves to R81.5 million at the end of the period. "The cash will be used to grow Incredible Connection`s retail operation and to fund acquisitions as and when appropriate."
He says the last quarter saw a return to high positive revenue growth, driven by Incredible Connection, as a result of an increase in consumer buoyancy, falling interest rates, and Incredible Connection`s dominance and aggressive marketing.
"Conditions in the market are expected to be more stable and buoyant and we therefore expect to continue to show real earnings growth during the next financial year.
"Connection Group will strive to grow revenue by aggressively but profitably increasing market share. Connection Group will pursue a growth strategy over the next three years driven by both organic and acquisitive initiatives as viable and appropriate opportunities present themselves."
The group also plans to grow Incredible Connection`s store base.
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