OMEGA ALPHA INTERNATIONAL IT HOLDINGS LIMITED REVENUE
ANNOUNCEMENT
Deferred contracts and local government restructuring
impact on OAI's projected revenue
Recent local government developments will result in OAI
not meeting the forecasted 40% per annum compounded
organic growth during the financial year ended
28 February 2001, as communicated to shareholders at the
time the interim results were published on 18 October
2000.
As a result of the restructuring of local government and
the subsequent nationally imposed moratorium on their
capital expenditure late last year, certain contracts,
entered into with the OAI Group prior to 28 February
2001, were renegotiated during May 2001.
Due to the renegotiation of these contracts and taking
into account generally accepted accounting practice
related to significant post year-end balance sheet
events, the associated revenue of about R50 million and
the profits thereon will now be recognised during the
2002 financial year.
Accordingly, OAI will shortly announce profits that will
be lower than the originally
forecast profit for the year ended 28 February 2001.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
