Interconnective Solutions says although it is still not profitable, it has completed its restructuring and is taking advantage of opportunities to help it turn the corner.
<B>Salient figures</B>
Interconnective Solutions results for the year to 30 April 2002
Previous year`s figures in parentheses
Revenue: R7.75m (R13.88m)
Other operating income: R1.32m (R1.1m)
Profit from operations: -R3.39m (-R4.24m)
Attributable profit: -R3.29m (-R3.9m)
Fully diluted HEPS: -3.4c (-2.4c)
Current assets: R3.35m (R6.86m)
Cash and equivalents: R893 465 (R2.02m)
Current liabilities: R3.23m (R3.78m)
Net cash utilised by operations: R600 510 (R2.21m)
Interconnective now operates within its new focus as an application service provider using its interactive digital platform for information communications.
It is also in the final stages of implementing a commercial transaction capability to cater for virtual recharge and payment services and is a service provider to Telkom, Vodacom and MTN.
Chairman and CEO Mark Smith says the group has identified good opportunities in a number of African countries. "The strategy to roll out into Africa will provide a new impetus to the group and enable it to operate in relatively uncluttered markets with good revenue opportunities."
Commenting on Interconnective`s results for the year to 30 April, Smith says while the group is still not profitable, losses were lower in the second half than in the first.
He says the results are not directly comparable with those of the previous year because of the disposal of Retail Card Club`s contracts in July last year.
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