JSC - Jasco - Results Of General And Annual Genera
JSC
JSC
JSC - Jasco - Results Of General And Annual General Meeting ("AGM") And An
AGM Statement
JASCO ELECTRONICS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/003293/06)
Share Code: JSC & ISIN: ZAE000003794
("Jasco" or "the company")
JASCO RESULTS OF GENERAL AND ANNUAL GENERAL MEETING ("AGM") AND AN AGM
STATEMENT
The Jasco board wishes to inform its shareholders that all resolutions as
detailed in the 2007 Annual Report and the Circular to Shareholders dated 31
May 2007 were successfully passed and approved this morning, 25 July 2007, at
its 20th AGM as a listed company.
During the AGM, the group Chairperson, Dr Anna Mokgokong, said that the year
to February 2007 was very positive for Jasco and continued the growth seen
over the last few years. Compounded revenue and net profit after tax growth
over the last two years have been almost 27% and 52% respectively.
Revenue to the end February 2007 was up 20,9% to R404,3 million, net profit
after tax grew by almost 45%, the operating margin increased to 9,9% and cash
from operations doubled. The results followed management`s efforts to secure
new business, increase product offerings, strengthen management teams and
enter into partnerships and make small acquisitions.
Post year-end, the group`s operating environment has remained strong and Jasco
continues on its growth trajectory. As outlined at results time, the group is
on a solid footing, with prospects in all its operating areas positive. Its
acquisition strategy remains in place, which has already led to two small
acquisitions in Telecommunications and Manufacturing/Domestic Products.
Going forward, the group expects expenditure in the telecommunications sector
to remain strong, resulting in continued growth in its main division,
Telecommunications. Although margins are experiencing some pressure from
rising commodity prices, the local demand for components from manufacturers of
domestic appliances and automotive products remains high. This, together with
T Components, positions Manufacturing/Domestic Products well. The group`s
restructuring and focus on improving the team and structure in Security will
allow Jasco to tap into the growing market seen in South Africa. Following the
awarding of a project in excess of R20 million post year end in the Security
division, the group has been awarded a telecommunications contract in excess
of R13 million.
Woodmead
25 July 2007
Sponsor
Sasfin Capital
(a division of Sasfin Bank Limited)
Date: 25/07/2007 14:38:51 Produced by the JSE SENS Department.
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