Electronics and software company IST Group says that with its turnaround process effectively complete, it is actively seeking acquisitions to expand its businesses.
CE Harry Coetzee says in IST`s latest annual report that the new growth path is aimed at diversifying the group, strengthening the position of its operations in their markets and, where possible, increasing their hard-currency earnings.
Last month the group reported a healthy R21.45 million net profit for the year to February, up from R10.45 million the previous year.
This was a marked improvement from the results for the year to end-February 2000, which showed net profit plunging to R2.2 million from a previous R21 million.
"The group`s balance sheet remains very robust and we are maintaining a flexible approach to our cash resources with a view to possible acquisitions," Coetzee says.
"R54 million may seem a modest war chest but it should be borne in mind that our targets are mainly intellectual property companies that typically have a small capital base."
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