SilverBridge Holdings beat its earnings forecasts in its first full-year financial results, despite missing its revenue target.
The company was listed last year on the JSE's Alternative Exchange through the acquisition of the Synergy cash shell, listed on the JSE's development capital sector. It continues to have only one subsidiary: SDT Financial Software Solutions.
<B>Fast figures:</B>
SilverBridge Holdings FY results to end-February
Listing forecast figures in brackets
Revenue: R51m (R53m)
Pre-tax profit: R11m (R9.8m)
Net profit: R8.2m (R6.9m)
EPS: 30.36c (23.6c)
HEPS: 30.5c (23.6c)
Cash-on-hand: R16.4m
Current assets: R31.7m
Current liabilities: R18.8m
For the year ended 28 February, SilverBridge delivered revenue of R51 million, up 35.8% on last year's R37.6 million, but down 4% on its original forecast of R53 million. The company outperformed on both operating and net profit forecasts, delivering R11 million, up 49.5% year-on-year, and R8.2 million, up 121% year-on-year, respectively.
An improved performance helped the company to exceed its earnings forecasts. The 30.5c delivered in headline earnings per share outpaced the original forecast of 23.6c by 29%. Earnings per share came in slightly lower at 30.36c, 28% higher than forecast.
The improved performance was due to a number of factors, according to SilverBridge CEO Jaco Swanepoel. "We were able to drive efficiencies in the business in a number of areas: we reduced costs in SDT Financial Software Solutions, the first subsidiary in our group. We also managed the expenses for the listing and came in under budget."
Swanepoel says the company expects to conclude and announce a black economic empowerment deal shortly, as well as secure its first acquisition.
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