Integrated Technology Holdings (Itech) has posted financial year-end results that vindicate the technology company`s plans to de-list from the Johannesburg bourse. The company posted a headline loss of 2.44c for the year to December 1999.
Itech`s turnover dropped from R40.38 million for the same period in 1998 to R26.33 million in 1999. An operating profit for the previous reporting period came in at R6.62 million as opposed to an operating loss of R2.46 million for the year to December 1999.
Headline loss per share for the year amounted to 2.44c compared to headline earnings per share of 9.34c in 1998. An attributable loss of R1.8 million for the financial year was reported compared to net attributable income of R6.23 million.
Itech announced on 20 January that it intends to de-list, saying minority shareholders would have the option of selling their shares at 30c or exchanging them for shares in the private equity. With the company privately held, it hopes to channel funds previously used to maintain the listing into more profitable business areas.
Itech`s Data Control Services (DCS) has undergone a restructure which Itech describes as "painful". DCS now has a new management team under the leadership of Siegfried Brits, who, according to Itech, has stabilised the company and brought it back to profitability.
DCS has merged with business intelligence and data warehousing company Synergy Computing under the latter`s name, and Itech says the new entity is now well positioned to continue with the five record months achieved until December 1999.
Itech`s shares took a dive on the JSE on Wednesday to close 5c down from the 20c opening. An announcement of further particulars pertaining to the de-listing is expected from the company by the end of May.
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