| Wed 19 Sep 2001, 0:00 | | Infowave Holdings Limited: - Unaudited Group Resul |
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InfoWave Holdings Limited
(Registration number: 1998/017276/06)
Share code: IFW ISIN code: ZAE000016440
("InfoWave")
Unaudited group results for the six months ended 31 August 2001
* Profit before tax up
* Attributable Earnings up
* Headline Earnings per share up
Consolidated Income Statement
6 months 6 months Year
ended ended ended
31 August 31 August 28
February
2001 2000 2001
(unaudited) (unaudited) (audited)
R'000 R'000 R'000
Revenue 14 454 10 910 21 882
Operating profit before abnormal items 3 010 972 2 252
Abnormal items - (191) (202)
Operating profit before interest 3 010 781 2 050
Net interest received 266 124 391
Profit before taxation 3 276 905 2 441
Taxation (1 086) (721) (1 028)
Profit attributable to
ordinary shareholders 2 190 184 1 413
Abnormal items
Loss on sale of Web Studio
Business in Cape Town - (191) (202)
Headline profit
Profit attributable to ordinary
shareholders 2 190 184 1 413
Abnormal items - 191 202
Loss on disposal of plant and equipment 193 350 -
Headline profit 2 383 725 1 615
Consolidated Cash Flow Information
6 months 6 months Year
ended ended ended
31 August 31 August 28
February
2001 2000 2001
(unaudited) (unaudited) (audited)
R'000 R'000 R'000
Net cash inflows from
operating activities 2 895 2 069 4 304
Net cash (outflows)/inflows
from investing activities (142) 255 (1 875)
Net cash (outflows)
from financing activities (125) (146) (271)
Net increase in cash resources 2 628 2 178 2 158
Cash and cash equivalents
at beginning of period 4 598 2 440 2 440
Cash and cash equivalents
at end of period 7 226 4 618 4 598
Consolidated Balance Sheet
6 months 6 months Year
ended ended ended
31 August 31 August 28
February
2001 2000 2001
(unaudited) (unaudited) (audited)
R'000 R'000 R'000
Assets
Non-current assets
Plant and equipment 721 1 115 1 029
Deferred taxation asset - 494 175
Investments - - 2 444
721 1 609 3 648
Current assets
Trade and other receivables 5 908 3 914 3 256
Cash and cash equivalents 7 226 4 618 4 598
13 134 8 532 7 854
Total assets 13 855 10 141 11 502
Equity and liabilities
Capital reserves
Issued share capital 9 9 9
Share premium 9 020 8 943 8 943
Accumulated deficit (374) (3 792) (2 563)
8 655 5 160 6 389
Non-current liabilities
Long-term borrowings 437 687 562
Current liabilities
Trade and other payables 4 763 4 294 4 551
Total equity and liabilities 13 855 10 141 11 502
Consolidated Statement of Changes in Equity
for the six months ended 31 August 2001
Retained
income/
Share Share (Accumulated
capital premium deficit) Total
R'000 R'000 R'000 R'000
Balance at 29 February 2000 9 8 942 (3 977) 4 974
Net profit for period - - 1 413 1 413
Balance at 28 February 2001 9 8 942 (2 564) 6 387
Issue of share capital - 78 - 78
Net profit for period - - 2 190 2 190
Balance at 31 August 2001 9 9 020 (374) 8 655
Statistics
6 months 6 months Year
ended ended ended
31-Aug-01 31-Aug-00 28-Feb-01
(Unaudited) (Unaudited) (Audited)
Number of ordinary shares
in issue ('000) 87 455 86 155 86 155
Weighted average ordinary
shares in issue ('000) 86 155 86 155 86 155
Profit per ordinary share:
fully diluted (cents) 2,50 0,21 1,64
Profit per ordinary share:
weighted average (cents) 2,54 - -
Headline profit per ordinary
share: fully diluted (cents) 2,73 0,84 1,88
Headline profit per ordinary
share: weighted average (cents) 2,76 - -
Net asset value per
ordinary share (cents) 9,89 5,99 7,42
Debt:Equity ratio (%) 5,05 13,31 8,80
Chairman's report for the six months ended 31 August 2001
InfoWave has delivered strong results for the first half of the year
achieving both its business and financial objectives. Turnover is up 32% and
the operating margin has increased from 9% to 21%.
InfoWave's Tranquillity suite, a WEB-based set of application products,
was successfully rolled out to 16 sites within the sugar industry throughout
South Africa and Africa. We have made a major investment in the marketing
and selling of our sugar-related software products and expertise, and have
recently won new business in Tanzania and South Africa.
Our core competency of building and integrating customised application
software continues to bring in new project contracts and annuity-based
support contracts. The Technical Services business has also grown steadily
and is making its mark, in its own right, as a technical service provider
and integrator in the KwaZulu-Natal region.
InfoWave now employs 70 staff and will continue its organic growth plans
in parallel with its strategic intent to identify a global partner, who may
acquire a significant equity stake in InfoWave. Prospects for the second
half of the year are good and we look forward to producing another year of
satisfying results.
Directors:
R P Collis (Chairman and Chief Executive Officer), C von Pannier, M B
Lionnet, P Naicker, J A A Vat* (non-executive), P Aposporis (non-executive),
N C Swinford-Meyer (Company Secretary) *Dutch
Registered office:
Gleneagles Park, 10 Flanders Drive, Mount Edgecombe, 4300
Transfer secretaries:
Computershare Services Limited, 2nd Floor, Edura, 41 Fox Street,
Johannesburg, 2001
