Set Point Technology Holdings has declared a dividend of 1c a share despite a drop in full-year attributable earnings from R17.26 million to R4.8 million.
<B>Salient figures</B>
Set Point Technology Holdings results for the year to 31 August 2003.
Previous year's figures in parentheses:
Revenue: R219.29m (R190.1m)
Operating profit: R18.38m (R17.37m)
Profit before tax: R10.57m (R21.67m)
Attributable profit: R4.8m (R17.26m)
EPS: 2.3c (9.7c)
HEPS: 3.6c (6.7c)
Current assets: R91.19m (R73.47m)
Cash resources: R271 000 (-)
Current liabilities: R61.99m (R52.64m)
NAV per share: 25.2c (20.9c)
Tangible NAV per share: 13c (18.2c)
Cash flows from operating activities: R15.31m (R10.5m)
CEO Mark Smith says the year started well, with all divisions, particularly the instrumentation division, performing in line with or above budget for the first six months.
"However, trading conditions slowed down markedly during the second half of the year and the results of the instrumentation division were below expectation, which led to a disappointing second six months," he says.
Revenue for the year to 31 August rose by 15% to R219.29 million and margins improved from 38.7% to 41.8%. The operating profit before foreign exchange gains increased from R17.37 million to R18.38 million.
Headline earnings per share fell from 6.7c to 3.6c. Morrison says headline earnings from continuing operations were flat at R9.4 million, although at the per share level they fell from 5.4c to 4.6c because of a larger number of shares in issue.
He says Set Point recognises the need for black economic empowerment and a subcommittee chaired by Danisa Baloyi has been set up to recommend the best way of implementation.
"The group is in a good position to take advantage of the anticipated stronger economic growth flowing from the decline in interest rates. Group budgets indicate growth in the new year."
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