Idion Technology Holdings achieved headline earnings of R0.61 million for the six months to 30 June, compared with a headline loss of R6.76 million on continuing operations for the same period a year ago.
The group`s only operation is Vision Solutions, a high availability solutions company based in the US.
Financial director Willem Richard says an 18% increase in revenue in dollar terms is pleasing in the tough market conditions the industry is experiencing. He is equally pleased by the fact that the offshore cash position improved from $5.2 million in December to $7.2 million at the end of June.
CEO Nicolaas Vlok says Vision`s new Orion high availability suite will be released on a limited availability basis next month, with general availability in the first quarter of 2004.
The group is committed to the product and will continue to spend on related research and development.
<B>Salient figures</B>
Idion Technology Holdings results for the six months to 30 June 2003.
Year-earlier figures in parentheses:
Dollar figures:
Revenue: $15.25m ($12.94m)
Gross profit: $12.39m ($10.37m)
Net loss: $0.9m ($2m)
Current assets: $16.09m ($16.53m)
Cash and equivalents: $7.2m ($5.19m)
Current liabilities: $15.8m ($16.67m)
Rand figures:
Revenue: R119.59m (R138.82m)
Gross profit: R97.12m (R111.28m)
Net loss before tax: R6.683m (R26.67m)
Net loss: R7.1m (R21.48m)
Headline earnings: R0.61m (-R6.76m)
HEPS: 0.5c (-14.7c)
EPS: -6.3c (-27.8c)
Current assets: R120.52m (R141.8m)
Cash and equivalents: R53.92m (R44.55m)
Current liabilities: R118.38m (R142.99m)
NAV per share: 88c (109c)
NTAV per share: 33c (33c)
Cash from operations: R25.81m (R17.16m)
Net cash from operating activities: R24.43m (R15.37m)
Vision CFO Tim Keithahn says the group`s strategy going ahead is fourfold: strengthening reputation, expanding and enhancing routes to market, building a scalable and world-class operating infrastructure, and pursuing new geographic markets including eastern Europe and China.
Vlok says the group added 134 customers in the period, many of which are multinationals, bringing the total customer base to more than 1 850 with more than 10 000 licences in 70 countries.
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