Professional business services company CCI Holdings (formerly Y2KTec) has warned that it will not meet its earnings forecasts.
The company was optimistic after it released results in July showing headline earnings of R1.46 million for the first six months of its financial year.
However, it says in a notice issued this morning that it will not achieve the full-year 1.4c headline earnings per share forecast when it issued its revised listing particulars in November last year.
It says although the directors believe the strategy adopted at the time of the company`s listing is still appropriate for future growth, it has taken longer than expected to integrate various acquisitions and to conclude other acquisitions.
"The full effects and benefits of the business model will, however, become evident in the 2003 financial year."
The company is trading under a cautionary as it is involved in a number of negotiations relating to the disposal of a loss-making subsidiary, the capitalisation of a shareholder`s loan account by way of a claw-back rights offer and further potential acquisitions.
CCI Holdings was formed through the reverse listing into Y2KTec, which had bought Coetser Cradock International through the issue of shares.
Listed in the software and computer services sector, it provides a range of professional business services to the small and medium enterprise sector.
Services include monthly accounting, administration and IT, payroll and pension administration, company secretarial, taxation compliance, business consulting and sourcing of finance.
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