Technology group IST has accelerated its expansion drive, tasking each of its divisions with bringing at least one acquisition opportunity to the table.
CEO Harry Coetzee says in IST`s latest annual report that management has clear strategies for the further development of the group.
"For some time now we have been looking at appropriate acquisitions," he says. "The object of this exercise is not so much to diversify the group as to strengthen and expand our existing businesses in their established markets.
"In the course of last year we accelerated our quest for external growth prospects and several interesting targets are at present being closely evaluated at the corporate level.
"In addition, each of the divisions has been tasked with bringing at least one attractive acquisition or joint venture opportunity to the table during this year."
He says this does not mean IST is relaxing its commitment to sustained organic growth. Each of the group`s divisions is also expected to generate at least one new product or significant product enhancement during the year.
The divisions are also expected to penetrate at least one new market sector.
Coetzee says the local sales growth target has been set at 20% and IST will also seek to increase export sales.
For the year to 28 February IST increased its operating profit by 54% to R36.1 million even though turnover rose by just 7.5% to R300.32 million.
Headline earnings rose to 19.8c from 17c in the previous year. The balance sheet showed cash and equivalents of R79.66 million.
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IST boosts operating profit by 54%
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