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BCX
BCX
BCX - Business Connexion Group Limited - Business Connexion Group revitalisation
programme update
Business Connexion Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1988/005282/06)
Share code: BCX
ISIN: ZAE000054631
("BCX" or "the group")
BUSINESS CONNEXION GROUP REVITALISATION PROGRAMME UPDATE
BCX has prepared a presentation which is available on the group`s web site:
www.bcx.co.za. This presentation briefly summarises the progress that has been
made with the implementation of its Revitalisation Programme.
The group has identified five broad categories in its revitalisation programme
to improve operating margin and returns to shareholders. These categories are:
Aligning the group for the future;
Improving the quality of earnings;
Ensuring performance excellence;
Attracting and retaining the right people; and
Ensuring absolute accountability.
The presentation sets out the action steps in more detail and the group proposes
to keep investors informed as the programme evolves and the strategy develops.
It has only been three months since the group announced its Revitalisation
Programme at the time of its 2008 interim results in February. Progress has been
made in a number of areas, including:
the initial work on developing a common vision and
strategy for the group;
improving management accounting information and
reporting;
focusing on profitable client products and services;
working on improved incentive schemes;
further enhancing transformation;
reducing discretionary spend;
strengthening the board and executive team;
improving employee information to allow the correct
structure for the business;
ensuring better visibility of group earnings by
management; and
the implementation of regular business reviews.
The group`s financial focus is now clearly on:
reducing operating expenditure;
ensuring an appropriate balance sheet structure;
efficient capital utilisation;
tighter working capital management; and
accurate and timeous reporting.
Benjamin Mophatlane, chief executive of BCX, said: "We are pleased with the
progress made with our Revitalisation Programme. We have a great franchise with
a strong and loyal client base. Together these two elements should enable the
group to unlock value for our shareholders. We have set ourselves a target of
improving the group`s operating margin to 8% for the 2011 financial year."
Midrand
22 May 2008
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Date: 22/05/2008 08:30:01 Produced by the JSE SENS Department.
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