Business Connexion issues cautionary warning

JSE-listed IT services group Business Connexion has issued a warning for traders to tread with caution when dealing with its shares as its company directors consider various opportunities.

“Business Connexion shareholders are advised that the board of directors of the company is considering various transactions and opportunities which, if successfully concluded,
may have a material effect on the price of the Company´s securities,” the group said.

“Accordingly, shareholders are advised to exercise caution when dealing in the company’s securities until a detailed announcement or a withdrawal of cautionary announcement is published.”

At the company’s financial results meeting on April 19, 2012 the ICT group reported a 43.5% rise in revenue for the six months ended February 2012.

Revenue improved to R2.69 billion from R1.87 billion before, while operating profit increased from R40.2 million to R130.8 million.

At the meeting, Business Connexion (BCX) CEO, Benjamin Mophatlane said that the company’s investments in Africa were beginning to pay off, having attained profitability for the first time.

He said further that Business Connexion would focus on growth in Africa, convergence, the cloud and consolidation strategies going forward, and that the ICT group would continue to invest in Kenya with a number of ‘significant’ deals expected soon.

“The international division is in the best health it’s been for a very long time,” he said at the time.

By 13:50 on Thursday (12 July 2012), Business Connexion was trading 4.44% higher on the JSE, up 20 cents to R4.70 per share.

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Business Connexion issues cautionary warning