JSE-listed Global Technology Limited, the leading provider of software solutions to the banking, insurance and business intelligence communities across Africa and Australasia, today released a trading update for the year ended 31 December 2002.
Global Technology`s results for the year ended 31 December 2002 will be lower than for the year ended 2001, reflecting a loss.
Ray Leonard, Chief Executive Officer of Global Technology, comments: "We are confident that our trading environment is improving, which is evident in the TEMENOS trading update issued in Geneva yesterday. TEMENOS has signed a significant number of new deals in the final quarter of 2002, which will positively impact on its performance in the next six months.
"The extended sales cycle Global Technology experienced in 2002 will result in business deals anticipated during the previous year augmenting our already strong pipeline for 2003.
"In addition, the benefit of the cost saving initiatives, amounting to R30 million per annum, that we implemented during 2002 in underperforming and non-strategic areas within the group, will materialise during 2003. Global Technology continues to focus in key areas and has significantly increased the levels of its customer satisfaction index, skills and competence, thus positioning the group well to attract and retain new business."
Furthermore, the Global Technology board has made the decision to proceed with a rights offer in early 2003, in order to reduce gearing to moderate levels. Full details will be announced shortly.
Global Technology boasts a customer base of over 1 000 clients throughout Africa, Australasia, Europe and Asia. Global Technology will be releasing its annual results on 13 March 2003. For further information about Global Technology, visit www.glotec.com.
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