4Sight Holdings announces unqualified audit for 2020, appointment of Group COO
4Sight, a diversified technology group, today released its 2020 Integrated Annual Report and announced an unqualified Audit – this following the qualifications of 2018 and 2019. The Group also confirmed strong results for its financial year ending 31 December 2020.
The Group’s revenue rose 6% to R522 million, and a recorded decline of 0,1% in gross profit margin from 53,7% to 53,6% (from continuing operations, i.e. excluding Digitata, which was disposed of during the reporting period).
Profit after tax on continuing operations improved by more than 100%, achieving a net profit after tax margin of 5,6% as compared to a loss in the previous reporting period (in USD).
The Group’s operating expenses for continuing operations for the year decreased by 7.9% compared to the prior year (in USD).
Despite tough trading conditions, 4Sight said it was also able to increase its cash balances by 41.9% to R66.3 million.
Cash Flow from operations rose by 37,4% to R 38 million.
Its debt-to-equity ratio has also declined significantly, from 45.8% to 30.8%, an improvement of 32.7%.
“I am delighted with the Group’s unqualified Audit review from its external auditors. We have focused on the implementation of internal control measures across the different subsidiaries in 2020” says Tertius Zitzke, CEO.
Zitzke continues: “We have appointed Tracy Short as our Group COO, effective May 2021. Tracy brings with her more than 25 years’ working experience, most of which was at Grindrod, where she held positions as CFO and Chief Executive of Shared Services. She will lead and implement the agreed strategy to formulate integrated shared services across the Group, giving us real time data for analysis and informed decision making, taking us from no-sight to foresight. ”
As previously stated, the Group was able to continue investing in its people, which it sees as its key asset. The Group has a unique mix of rare IT, financial and engineering skills that underpin its ability to deliver genuine digital transformation initiatives in support of the convergences between Information Technology and Operational Technology.