Compu-Clearing Outsourcing is targeting international growth after a year of what CEO Arnold Garber describes as exceptional cash flow generation and further liquidity improvement.
<B>Salient figures</B>
Compu-Clearing Outsourcing results for the year to 30 June 2003.
Previous year`s figures in parentheses:
Total revenue: R32.78m (R29.43m)
Operating profit: R7.63m (R7.07m)
Profit before tax: R9.36m (R5.17m)
Attributable earnings: R6.35m (R5.17m)
EPS: 16c (12.4c)
HEPS:16.1c (11.7c)
Cash generated by trading operations: R11.07m (R10.04m)
Current assets: R22.74m (R18.91m)
Liquid current assets: R16.44m (R12.4m)
Current liabilities: R4.09m (R2.2m)
NAV per share: 81.5c (71.4c)
"The nature of the business continues to change, becoming focused on software for the customs clearing and freight forwarding industry and less dependent on hardware and networking sales," he says.
"While our overall turnover has grown by 11%, core business turnover (software rental) has grown by 18%."
Total revenue for the year to end-June rose from R29.43 million to R32.78 million and the group achieved a 23% increase in attributable earnings from R5.17 million to R6.35 million. Headline earnings rose by 38% to 16.1c from 11.7c previously.
"Cash flow generated by operating activities increased by some 45% due to Compu-Clearing having fulfilled its hardware renewal programme. Some new IBM AS/400s are being purchased now continuing its commitment to that platform, thus ensuring long-lasting returns on investments."
Garber says the group has completed the rationalisation of its network and the ensuing cost benefits will start filtering through in the coming financial year.
A cash dividend of 6c (2002: 3c) has been declared.
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