Fleet management IT company DigiCore boosted its pre-tax profit by 37.1% to R29.83 million in the year to 30 June.
Profit after tax rose by 45.4% from R16.71 million to R24.3 million on the back of a 12.6% increase in gross revenue from R172.16 million to R193.86 million.
"We are becoming world leaders in the supply of not only fleet management IT systems, but have migrated to a technological platform where we can adapt our hardware and software to cater for different international markets, as well as different market segments," says CEO Nick Vlok.
He says a recent contract with London-based Thames Water will stand the group in good stead in the UK, as well as in other European markets as growth accelerates.
"Geographic expansion continues with at least five more countries to become operational in the next 12 months. The group also aims to expand its current markets by targeting new segments such as stolen vehicle recovery for light commercial and passenger vehicles."
During the year DigiCore bought back almost 20.87 million of its shares through an offer to shareholders at 60c a share. Vlok says these have been delisted and a further 2.99 million shares bought back in the open market are being held as treasury shares.
"Notwithstanding earnings per share rising from 7.6c to 11.7c per share, or 54%, the full impact of the repurchase on earnings per share will only be reflected in the coming year," he says.
Headline earnings per share increased by 52.5% from 8c to 12.2c. The group has declared a final dividend of 3c a share and a special dividend of 5c a share.
The balance sheet shows year-end current assets of R109.21 million, of which R46.19 million is cash, versus current liabilities of R27.18 million. Net asset value rose from 56.8c to 63.8c a share, while net tangible asset value per share rose by 14% to 53.2c.
The DigiCore share was trading at 100c on the JSE this morning, 20c or 25% up on yesterday`s close.
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