Synergy Holdings has published its final results before a reverse takeover by SDT Financial Solutions.
The company, which became a cash shell after the disposal of its last operating subsidiary and properties, is the vehicle through which SDT is listing on the JSE.
Its directors say the disposal and reverse acquisition mean that shareholders should be cautious when making direct comparisons with past financial results.
In line with a trading statement issued yesterday, the group had reported a headline loss of 4.01c a share for the year to February, compared with 0.34c per share earnings for the previous year. An attributable loss of 1.34c a share compares with earnings of 0.37c per share previously.
The company says subsidiary Prime Support, an Accpac-focused solutions provider, was sold during the financial year, and was consolidated in the income statement until the effective date of the sale.
As a result of the disposal, gross revenue fell from R19.16 million to R10.59 million while an operating loss of R0.6 million was incurred, compared with a profit of R0.24 million previously. The company incurred a net loss of R0.73 million, compared with a prior profit of R0.2 million.
The directors say talks with a black economic empowerment group, relating to a 25% shareholding in the company, which is to be renamed SilverBridge, are at an advanced stage.
"The core of SilverBridge's corporate strategy following the acquisition will be to build a black-empowered group of niche business application software and related service businesses operating on a decentralised basis, through an acquisitive growth strategy," the board says.
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