The Datacentrix share lost 13.7% on the JSE yesterday after the group reported a small dip in interim earnings.
<B>Salient figures</B>
Datacentrix results for the six months to 31 August 2003.
Figures for the previous comparable period in parentheses:
Revenue: R397.42m (R413.15m)
EBITDA: R30.18m (R32.65m)
Operating income before interest and tax: R22.38m (R26.78m)
Income before tax: R28.77m (R29.96m)
Attributable earnings: R18.84m (R19.93m)
HEPS: 11.5c (11.8c)
EPS: 9.3c (10.2c)
Current assets: R256.72m (R228.53m)
Bank balances and cash: R247.79m (R107.22m)
Current liabilities: R145.86m (R142.61m)
NAV per share: 98c (80c)
Tangible NAV per share: 79c (58c)
Net cash inflow from operating activities: R43.06m (R48m)
Revenue for the six months to end-August declined by 3.8% from the year-earlier period. Blaming the drop on the rand`s appreciation against the dollar, MD Gerhard Uys says product sales in dollar terms increased.
Headline earnings per share fell by 2.5% from 11.8c to 11.5c.
Executive chairman Gary Morolo says the rand`s strength cost the group at least 25% growth it would otherwise have shown on turnover.
He says although Datacentrix might have to gear up to counter the currency effects, the group has confidence in its business strategy.
Although the group`s cash grew to R147.79 million from a previous R107.22 million, sales and marketing director Klaas Lammers says declaring a dividend would not be right for the business at present.
He says if the group won a major deal it would need the cash for financing it. In addition, although the group has not found the right acquisition, the cash would be handy if an acquisition were to take place.
Uys says he is confident the group will repeat its growth trend into the future.
The share, which lost 24c to close at 151c yesterday, recovered slightly to 155c in early morning trade.
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