Fleet management systems group DigiCore Holdings increased its attributable earnings by 26% to R16.72 million in the year to 30 June, despite an 11% decline in revenue.
<B>Salient figures</B>
DigiCore Holdings results for the year to 30 June 2003.
Previous year`s figures in parentheses:
Revenue: R172.16m (R193.67m)
Operating profit before depreciation and amortisation: R29.38m (R23.64m)
Profit before tax: R21.75m (R14.25m)
Attributable earnings: R16.71m (R13.25m)
HEPS: 7.47c (7.31c)
EPS: 7.1c (5.59c)
Current assets: R94.15m (R93.75m)
Cash and equivalents: R36.38m (R20.28m)
Current liabilities: R18.06m (R30.33m)
NAV per share: 50.6c (44.4c)
Tangible NAV per share: 41.5c (34.7c)
Revenue fell from R193.7 million to R172.2 million, which CEO Nick Vlok attributes to a cost review by DigiCore and Nashua Mobile.
However, the group still achieved a 24% increase in operating profit. Vlok says this is because of an improvement in service levels owing to consistent staff training.
DigCore Europe achieved an overall profit due to increased activity in the fourth quarter and the Pakistan operation showed significant growth thanks to a substantial order from the army.
"Always keen to open new carefully evaluated international markets for long-term growth, DigiCore has identified suitable partners in new developing countries and aims to be fully operational in these areas before June 2004."
He says the launch of a new range of fleet management systems will open new markets. "The new international markets, based on existing successful market models, should start to produce results towards the end of 2004."
Vlok says a solid cash base positions the group well to capitalise on opportunities that might arise and to facilitate organic growth in the next year.
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