Computer services company I-Fusion has reported its results for the 16 months to 30 June, in line with a change in its year-end to coincide with that of Bidvest, which recently acquired a majority stake.
The results show an R11.38 million operating loss on turnover of R195.5 million, compared with an operating profit of R17 million on turnover of R125.35 million in the year to February 1999.
An exceptional item reflecting an outflow of R5.94 million and net interest paid resulted in a R17.4 million net loss before tax.
An attributable loss of R14.27 million compares with a profit of R13.58 million previously, while a headline loss of R10.17 million compares with a previous R13.57 million profit.
A headline loss per share of 13.9c on an undiluted basis and 13.7c on a diluted basis compares with previous earnings of 20.6c and 20.1c respectively.
The balance sheet shows current liabilities of R47.51 million and current assets of R41.32 million, which compares with previous liabilities of R20.83 million and assets of R45 million.
The cash flow statement reflects cash utilised by operations reaching R8.15 million, compared with R17.8 million cash generated previously, and shows a R17.9 million net decrease in cash.
The net tangible asset value at the end of the period was 38.3c (49.8c) a share.
The company says Bidvest, which recently acquired 75.7% of I-Fusion after receiving Competition Tribunal permission, has retained the listing to incentivise staff and to provide I-Fusion with an independent source from which permanent capital can be obtained.
"The financial results reflect the difficult trading conditions being experienced," says I-Fusion MD Ron Sackstein.
He says the group is adequately capitalised with a net cash balance of R30 million after the share issue to Bidvest for R50 million.
"Notwithstanding the difficult trading conditions encountered, the future looks positive with significant potential business opportunities arising within the Bidvest group."
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