The listing of Datatec`s US subsidiary Westcon has moved another step closer with the filing of the company`s results with the US Securities and Exchange Commission (SEC).
According to Datatec`s sponsor, Rand Merchant Bank, this is an update of the documentation required for the process of an initial public offering in the US. It includes Westcon`s audited financial statements for the year ended 29 February 2004, as well as responses to certain SEC comments on the initial filing.
In Datatec`s annual results, Westcon`s revenue for the year ended February 2004 rose 13.2% to $1.8 billion (R10.3 billion), but gross margins were marginally down at 8.8% from 8.9%.
The increased revenue for Westcon, and anticipated future growth, required an additional $32 million in working capital. Westcon closed the year with a net cash position of $41.5 million (2003: $68.8 million).
Sales of Cisco products made up 56% of Westcon`s revenue, followed by Nortel (10%), Avaya (9%) and network extensions (25%). The Americas generated more than half of Westcon`s revenue (56%), followed by Europe (38%) and Asia-Pacific (6%).
Datatec`s share price was at 960c, down 1.5%, or 16c, this morning.
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