Synergy Holdings improved its net after-tax profit to R0.92 million in the six months to 31 August, compared with R0.73 million in the prior-year period.
<B>Salient figures</B>
Synergy Holdings results for the six months to 31 August 2003.
Figures for the prior-year period in parentheses:
Gross revenue: R11.79m (R10.14m)
Net profit before tax: R0.99m (R0.73m)
Net profit after tax: R0.92m (R0.73m)
EPS: 1.7c (1.17c)
HEPS: 1.7c (1.17c)
Current assets: R5.28m (R4.61m)
Cash on deposit and bank balances: R2.69m (R2.36m)
Current liabilities: R1.91m (R1.9m)
NAV per share: 8.64c (6.44c)
NTAV per share: 8.64c (6.44c)
Net cash inflow from operating activities: R0.32m (R1.12m)
Gross revenue for the period rose by 16.3% from R10.14 million to R11.79 million.
Synergy's main focus is on the provision of Accpac Accounting Software solutions around software sales, implementation, customisation and associated networking support.
Director Patrick Toolan says the main reasons for the improvements include the fact that Synergy was working off a lower base in the previous year. However, in addition to growth in the business in general, cost containment also resulted in increased margins.
The group also made more efficient use of consultants during the period.
He points out that Synergy has benefited from an assessed tax loss from previous years and that a small balance of this remains, which means Synergy will incur a tax liability in future periods.
The board has declared a dividend of 0.8c a share after considering the group's cash requirements and concluding that there is sufficient cash to cover working capital requirements for the foreseeable future.
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