Embattled IT company Faritec has paid a handful of staff small year-end bonuses.
CEO Fanie van Rensburg says less than 10% of the company's staff received bonuses based on their performance. “Some people did really well, despite the difficulties we were going through.”
Last year was a particularly rough one for the company, as it reported a slide in revenue from R1 billion to R727 million in the year to June, and operational losses led to a loss per share of 48.1c, compared to a gain of 11.3c in 2008.
Faritec expects to report a loss for the six months to December, but a smaller loss than in its last results. Earnings will be between 25% and 45% higher, and both earnings per share and headline earnings per share should be between 80% and 90% higher than last year.
A year ago, the company made a net loss of R21.5 million off revenue of R414 million, and a headline and earnings per share loss of 8.3c.
Operations at Faritec, which was criticised for growing too fast, were also hampered by the resignation of both its CEO and CFO last year, before Shoden injected R20 million into the company for a 51% stake.
Another R29 million was invested by shareholders after a rights offer. Together, these amounts gave the company the cash it needed to continue operating.
The black-empowered IT services firm now aims to raise R60 million to implement its turnaround and growth strategies, and return to profitability by June.
Van Rensburg says once the company is back on its feet, he will look at implementing a rewards programme for staff.
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