SecureData H1 results disappoint

Information risk management (IRM) group SecureData Holdings (SDH) on Thursday (April 19, 2012) announced a rise in revenue to R235.71 million for the six months ended January 2012, from R198.958 million before.

However, profit from operations declined to R6.109 million, from R9.093 million before, while headline earnings per share improved to 3.9 cents, from 1.1 cents in 2011.

The increase in revenues was driven by sales growth in SecureData Europe and the weakening of the Rand, especially against Sterling.

Group EBITDA reduced to R12.2 million, from R15.4 million.

“The period under review delivered a set of mixed results from the operations within the group,” SecureData said in a statement.

It noted that SecureData Africa posted a significant loss during the second half of the previous year. “The corrective measures put in place to restore profitability in the division started to filter through with a substantial reduction in the loss from this division for this period compared to the prior six-month period ended July 31, 2011,” SecureData said.

SensePost performed in line with expectations and SecureData Europe performed better than expected, despite the continued economic uncertainty in the markets in which both entities operate, the group added.

“Overall, the group did not deliver on expectation. The board made a decision to turn all its focus and attention on its African operations and has commenced with a process to dispose of SecureData Europe.

“This will enable the group to settle all debt and provide a cash injection to grow the African operations,” it said.