Casey`s after-tax loss deepens

Technology holding company Casey reported an after-tax loss of R8.79 million in the year to end-February, 10% worse than the previous year`s R7.99 million loss.

The company`s headline loss per share improved from 95.26c to 22.71c, although it benefited from a reduction in the number of issued shares.

"The past financial year has once again proved to be a tough year as we repositioned our overhead structure," says Casey Investment Holdings MD Lemmy Khumalo.

"During the year we commenced a process to restructure our balance sheet. Casey consolidated its issued shares on a one-for-10 basis and converted R20 million of loans into share capital."

Despite a drop in revenue from R29.22 million to R27.08 million, Khumalo says efforts to secure more business are beginning to be successful.

Casey has won some government contracts and a contract to supply equipment to the Independent Electoral Commission.

The company has also entered into a distribution agreement with a division of German-based Controlware, in terms of which Casey will distribute the group`s ISDN backup, networked video, fibre optic and broadcasting solutions.

"As a fully empowered group we continue to be a highly sought-after partner by technology groups from all over the world in their endeavours to expand into our market as well as in the arena of sourcing cost-effective access to South African human capital," Khumalo says.

"Our commitment to be a leading example of what empowerment companies can achieve given the opportunities drives us to continue to strive for a better return on investment alongside a better than average return on the development of our country`s people."

The Casey share was untraded at 25c on the JSE early this morning.