JSE-listed Global Technology Limited, the leading provider of software solutions to the banking, insurance and financial communities across Africa and Australasia, today announced its interim results, for the six-month period ended 30 June 2002.
During the period under review, the group achieved headline earnings of R3.5 million, operating profit increased by 59% to R17.5 million and revenue increased by 19% to R219.5 million.
Global Technology`s Chairman, Ray Leonard, commented: "During the six months under review, the group achieved significant increases in revenue, operating margins and operating profits, when compared with the same period last year. However, attributable profits are lower than those reported in the previous year, due to the lower associate income from TEMENOS, foreign exchange losses, which resulted from the dramatic recovery of the rand in the first quarter of 2002, and increased interest costs."
Dollar-denominated revenue remained at a high level and currently comprises 74% of Global Technology`s earnings. The group expanded its footprint considerably during the period under review and now operates in 26 countries in Africa and 56 countries worldwide.
The group was also successful in acquiring new business, which included customers in new territories. These new territories were entered by way of deals being concluded with Development Bank of Ethiopia, Tropical Africa Bank in Uganda and Rural Development Bank of New Guinea in Papua New Guinea, among others.
Global Technology entered into partnerships with Everest (Pty) Limited and ICL Kenya Limited. Both companies offer significant opportunities to Global Technology by facilitating access to previously inaccessible target markets and geographical territories. Also during the period, non-core businesses, Fin-X and Bankplus, were disposed of. However, both businesses will continue their strategic alliances with Global Technology.
The group continues to distribute the world`s leading banking and business intelligence products, GLOBUS and Hyperion, both of which were recently voted the world`s best selling applications in their particular fields - GLOBUS for the fourth consecutive year and Hyperion for the third.
Leonard concludes: "The next six months are very promising. In terms of new business, the group has a significant, well-managed pipeline and we anticipate a number of new business opportunities arising through our African and Australasian subsidiaries. Global Technology will continue to place strong emphasis on product development and services, focusing particularly on distributing its locally-developed products globally."
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