The InfoWave Holdings board is looking at growth strategies after reporting a 13.5% decline in attributable profit for the six months to end-August.
Revenue of R15.61 million was 1.9% down on the R15.92 million of the same period the previous year, while pre-tax profit slipped by 11.8% from R4.42 million to R3.89 million.
Attributable profit declined from R2.7 million to R2.3 million. Headline earnings of 2.59c a share were down 13.1% from the 2.98c of the year-earlier period.
"Trading conditions remained difficult during the period under review," says CEO Tiffany Dunsdon. "Despite continued profitability, the company has not delivered on anticipated growth targets."
She says that during the next quarter the board will review the group`s strategy with the aim of improving growth and diversification.
"The company is considering both organic and acquisitive growth strategies. The board is confident of its focus on niche software products, which is proving to be successful.
"The board believes black economic empowerment transformation is essential in protecting the business and making new avenues for growth available to the company.
"We are making good progress towards all aspects of broad-based black economic empowerment. The BEE ICT charter is now in its fourth draft, and we have ensured that the company`s BEE goals remain aligned with the respective criteria and principles outlines in the charter."
However, she says the process of transforming InfoWave into a black-owned company is taking longer than originally anticipated.
"We are, however, confident that the outcome will be based on learning from the experiences of other companies` dealings with transactions of a similar nature."
Share