JSE-listed InfoWave has consolidated its profit for the 2005 year-end but failed to reach 2003 levels.
The company`s profits for the year ended February 2005 grew by 3.8% from R4.94 million to R5.13 million, while revenue sits at R31.85 million, a 4.9% increase on 2004`s figures. However, profit is still down on 2003 year-end figures of R5.95 million.
InfoWave is a holding company of IT service providers specialising in software solutions using Oracle technology.
Headline earnings per share also improved from 5.50c to 5.81c, a 5.6% rise, but the figures failed to reach 2003 year-end levels of 6.76c.
Pre-tax profit sits at R8.3 million, which allows InfoWave to apply for a main board listing, which the company is going to pursue, says CEO Tiffany Dunsdon.
Requirements for a main board listing that need to be addressed are the number of public shareholders and R25 million in capital and reserves. "Both of which can be addressed," says Dunsdon.
"A main board listing will improve liquidity as we will be listed in the software and services sector and not the development and capital sector."
The company is still seeking black partners to take on a shareholding of at least 30%, but the funding of an equity deal with a third-party remains a challenge, says Dunsdon.
"We have identified a party as a prospective for the BEE deal but the challenge is in funding the deal as it requires security.
"The business prospects for the year ahead are encouraging and lie in the core sugar business and the niche property business," says Dunsdon.
InfoWave shares were trading at 38c at 11am today, an 8.57% increase on yesterday`s close of 35c a share, with 27 000 shares being traded.
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