Black-empowered technology group Datacentrix has reported its fifth set of strong full-year results since its 1998 listing, increasing headline earnings per share by 30.5% to 21.8c.
<B>Salient figures</B>
Datacentrix results for the year to 28 February 2003.
Previous year`s figures in parentheses, move in square brackets:
Revenue: R770.74m (R521.58m) [+48%]
EBITDA: R58.31m (R39.38m) [+48%]
Income before tax: R54.99m (R31.12m) [+77%]
Attributable earnings: R36.92m (R22.35m) [+65%]
HEPS: 21.8c (16.7c) [+31%]
EPS: 18.6c (13.5c) [+38%]
Current assets: R249.04m (R203.42m)
Bank balances and cash: R117.76m (R71.46m)
Current liabilities: R145.84m (R129.28m)
NAV per share: 88c (64c)
Tangible NAV per share: 69c (55c)
Net cash inflow from operating activities: R62.1m (R25.21m)
Revenue for the year to 28 February increased by 48% to R58.31 million and earnings before interest, tax, depreciation and amortisation rose to R58.31 million, also a 48% improvement.
Executive chairman Gary Morolo describes the group`s performance as "very satisfactory" and says the growth took place in a difficult trading environment.
Pointing out that research company Empowerdex has identified Datacentrix as the most empowered JSE-listed company, Morolo says black economic empowerment is a strategic imperative the group took seriously since its listing.
He says the company is well positioned to take advantage of tough markets. Datacentrix is also poised to benefit from further consolidation in the technology sector, although it will continue to follow a cautious acquisition policy.
Although Datacentrix has R177.8 million cash, MD Gerhard Uys says the policy is still not to declare a dividend, although this could change in the future.
He says the group prefers to retain the cash to take advantage of growth opportunities rather than pay a dividend and later have to go back to the market to raise cash for an acquisition.
During the year the group boosted its Johannesburg presence with the acquisition of Solution Management NetworX, which Morolo says has been fully integrated into Datacentrix.
"Datacentrix has proven itself to be a nimble, flexible organisation, but more vital to its success has been its single-minded pursuit of its medium- and long-term strategies," he says.
"This has allowed us to navigate a tough trading environment and poor market sentiment and we have emerged well poised for further successes in an environment where technology companies have shown considerable strain.
"We believe that Datacentrix is ideally positioned to take advantage of this year`s identified development areas, which include server consolidation, storage and selective forms of outsourcing, and we expect to further fortify our position by the end of 2003."
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