Morvest to continue African safari
Morvest, a provider of ICT solutions says further expansion into Africa and internationally remains a key strategic objective for the next year, after the group delivered “satisfactory” interim results.
Morvest is a black empowered holding group with an international footprint
spanning Africa (South Africa, Mozambique and Nigeria), India, United Arab
Emirates and the United States of America.
The group’s operations include professional services and outsourcing solutions, retail and consumer services, and ICT solutions, which contributes 37%.
Morvest reported a 6% rise in revenue to R473 million for the six months ended November 2012.
Ebitda declined R66.7 million, from R73.4 million in 2011, due to continued pricing pressure from the group’s existing customer base as well as competition from the aggressive emerging markets including China and India.
The group posted headline earnings of R25.6 million translating into headline earnings per share of 5.20 cents, up 6.8% from 4.87 cents in the prior reporting period.
Looking ahead, Morvest said it foresees a challenging 12 to 18 months period ahead
due to difficult market conditions and continued pricing pressure from emerging markets.
“Further expansion into Africa and internationally remains a key strategic objective for the next year as part of the group’s diversification strategy,” it said.
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