| Thu 8 Nov 2001, 0:00 | | Spescom Ltd - Is September 11 Really Accountable F |
|
Economic melt-down due to the events of September 11 is becoming a common
excuse for companies in certain sectors of the economy failing to meet
performance forecasts.
This is according to Mr. Tony Farah, executive chairman of JSE listed
technology group, Spescom Limited, who says the company is bullish about the
future.
He adds that other than some delivery delays, it is not apparent that the
events of September 11 have had as much an effect on Spescom as it appears
to have had on some other companies in the sector.
"Uncertainty is the main problem at present and this is leading to delays in
order placement for many companies. So recent events have impacted on world
trade but it should be remembered that a global economic slowdown was being
forecast as early as mid 2000.
"The International Monetary Fund recorded a surge in world trade of an
astounding 12,4% in 2000. However, estimates put the gain in 2001 at a
record decelerating 1,4% . In light of the fact that global trade accounts
for 24% of world gross domestic product (GDP), global connectivity has never
had a more important role to play in driving world economic growth," says
Farah.
He notes that companies with dynamic management have kept abreast of this
situation and taken the necessary strategic action to avoid any major impact
on performance.
"Therefore, we feel this is a time of maximum opportunity for companies
involved in information and communications technology (ICT) development."
"The US is usually the catalyst for world economic trends. The slow-down in
the US economy with a marked-down growth forecast from 1,3% to 0,9%, is
certainly being reflected in other markets with countries like Japan,
Germany and France reporting record unemployment figures. However, this has
been a trend for some time and cannot be attributed solely to post-September
11, events.
"It is impossible to foresee whether the economic ramifications of these
acts of terrorism will be transient or longer term. However, economists are
already predicting that factors like lower oil prices and easier monetary
policies, will spark a US recovery that will reverberate globally."
On the home front Farah says that growth is predicted for SA. "In the
October Reuters Poll, economists are still predicting a 2.5% growth for
South Africa for this year and next, having aggressively scaled back their
GDP growth forecasts for the past 5 polls." He adds that Spescom is still
in the throes of implementing its globalisation strategy that will position
the company as truly international but with a Johannesburg base. In keeping
with these plans he announced the recent relocation of the group's
international director, Simon Blagden, to South Africa. Blagden has been a
high profile business figure in the worldwide telecoms and data
communications arena for a long number of years.
He will be responsible for Spescom's global strategic business development.
According to Blagden, Spescom's core excellence will continue to be based in
South Africa.
"Sound strategic planning has led to the merger of Spescom's US and SA
technologies to provide a world class platform for the global ICT market."
Blagden concludes.
FOR EDITORS INFORMATION:
Spescom Limited
Spescom Limited is an Information and Communications Technology (ICT)
company listed on the JSE Securities Exchange SA, with operations in USA, UK
and South Africa.
The group is active in two main areas of the world IT market, namely
offering product and solutions to connect to the networked economy, and the
provision of software solutions to manage information and knowledge.
The strategic focus is on the convergence of knowledge, document,
configuration and voice transaction management technologies.
Spescom holds the controlling interest in USA based, Spescom Software Inc.
(formerly Altris Software Inc.), a NASDAQ, OTCBB listed company, and the
developers of the award winning eB software.
In South Africa, Spescom, in alliance with world leading companies such as
Cisco and Avaya, provides a range of customer contact and intelligent
network solutions to its blue-chip customer base.
The company is a leading supplier of communications solutions and products
to network operators and service providers on the African continent.
Ends
Contact details:
Mr. Simon Blagden :
Spescom International Director Tel: (011) 266 1520
Cell: 0944 7785 360999 (NB: Mr. Blagden is in SA at present but does not
have his local cell number yet - this should be rectified very soon)
Ms. Barbara Kruger,
Spescom chief communications officer,
Tel: +27 11 266 1701
fax: +27 11 266 1553
Cell: 082 456 0328
or
Deirdre Blain
BLAIN & ASSOCIATES
Tel: +27 11 789-8548
Fax: +27 11 789-8567
Cell: 083-305 8859
