Square One Solutions Group has achieved a turnaround, reporting a R3.36 million attributable profit for the six months to 30 June.
<B>Salient figures</B>
Square One Solutions Group results for the six months to 30 June 2002
Year-earlier figures in parentheses:
Turnover: R88.74m (R74.39m)
Operating profit: R4.93m (R21 000)
Net profit after tax: R3.18m (-R1.23m)
Net attributable profit: R3.36m (-R1.44m)
Current assets: R63.45m (R53.64m)
Current liabilities: R55.97m (R48.06m)
CEO Garth Coetser says the results exceeded the board's expectations. "It is most gratifying to see the turnaround from an R8.54 million attributable loss at the end of the 2001 year to a net profit after tax of R3.36 million."
The recovery of the rand in the first quarter of this year partially offset unrealised losses accounted for at the end of last year.
Coetser says the first quarter saw the achievement of some sales milestones, with January proving the best month in the company's history. "While the second quarter more closely tracked the industry downturn, revenue was sustained."
He says that should the group manage to smooth out the sales cycles of the second half of the year and maintain its budget revenue figures, it will be on track to realise its profit objective for the year.
"The directors are positive about its prospects."
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