Bidvest-owned technology company I-Fusion is beginning to see the benefits of a comprehensive restructuring. Although still a loss maker, its performance has improved.
However, electronic business-to-business marketplace mymarket.com`s operating loss deepened in the year to end-June, from R2.17 million to R7.24 million. This was despite an increase in revenue from R162 000 to R3.26 million.
Bidvest investor relations spokesman Jack Hochfeld says mymarket.com is still a small business in the start-up phase and is not yet expected to make a meaningful contribution to the group`s profits.
Bidvest executive chairman Brian Joffe says mymarket.com`s service offering is gaining impetus. The operation has 32 buying organisations and 660 suppliers listed with 5 637 users.
I-Fusion incurred an operating loss of R5.04 million, a 44.6% improvement on the previous year`s operating loss of R9.1 million.
This was despite a 43.1% decline in revenue from R159.23 million to R90.67 million.
Hochfeld says the business has been completely restructured. "It has been refocused from trying to do everything for everybody to the point where it is focused exclusively on networking," he says.
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