Cyberhost, which has reported a year-end 5.83c headline loss per share, has appointed a new board tasked with turning the company around. Chairman David Bird says the new board is in the process of refocusing the company`s activities within its areas of core competency.
Revenue for the year to 31 December 2000 rose to R1.61 million (R1.08 million continuing operations) from R1.57 million (R704 661 continuing operations) the previous year.
Cyberhost incurred a loss of R3.2 million from continuing operations, compared with a R7.32 million loss previously.
An attributable loss of R8.11 million compares with a previous loss of R11.09 million, while a headline loss of 5.83c a share was an improvement on the previous year`s 8.77c a share loss.
However, the company`s net asset value per share plunged from 11.21c to 1.09c at the end of the trading period.
Cash and cash equivalents fell to R122 094 from a previous R2.04 million.
"The company has experienced extremely difficult trading conditions over the period under review," Bird says.
"Undertakings made to the company regarding its recapitalisation have not been honoured and this has severely impacted its ability to achieve a turnaround in its fortunes."
The CyberXpress Kiosk division was disposed of during the period, and the balance of the price due was written off.
The board has been replaced, with Bird, Mark Weetman, Istvan Banhegyi and Anthony Levine being appointed directors.
"The new board is re-examining every facet of the company`s operations with a view to implementing a viable business plan which will restore the company to profitability," says Bird.
He adds that an announcement will be made once the review process has been completed.
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