Listed Durban-based Infowave has turned its R7.9 million loss for 2000 into a R1.4 million net profit. The company attributes the turnaround largely to its continued commitment to Oracle as a platform for its implementations.
Although revenue was slightly lower for the year to February 2001 at R21.9 million (2000: R22.8 million), Infowave has managed to turn in a net profit or R1.4 million, compared to the net loss of R7.9 million reported for the comparable period.
This was achieved in part by significantly reduced operating costs of R19.8 million compared to R32.6 million for the previous year.
Cash generated from operations moved into positive territory, amounting to R4 million, juxtaposed with the R7.5 million loss for 2000.
Cash resources also ended the period up at R4.6 million compared to R2.4 million. The year culminated with headline earnings per share of 1.88c as opposed to the headline loss of 9.1c reported last year.
"The main contributor to our profitability this year has been a strategy of focusing on our core strengths of application implementation and support of both custom-built software solutions and application packages, underpinned by strong technical services and system integration," says Ralph Collis, Infowave executive chairman.
"Our decision to back Oracle technology has stood us in good stead, as Oracle is becoming a technical platform standard for the corporate market in SA and Africa, and is the international market leader."
Infowave says it remains committed to finding a global partner, but until such time it remains committed to running "business as usual".
Future plans include growing the KwaZulu-Natal market, leveraging off its Bynx products and targeting the global sugar industry. (Infowave has done implementations for Illovo Sugar, among others.)
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