SecureData hit by restructuring action
SecureData, which operates in the information security field‚ reported that its headline loss per share for the year ended July had widened from 1.7 cents to 15 cents.
The group’s net loss from continued operations increased to R47.7 million from a loss of R5.8 million in 2011. The substantial loss at SecureData Africa outweighed profits from SensePost.
Group ebitda of continued operations declined to a loss of R45 million (2011: profit of R1.6 million) off revenues that decreased to R222.2 million (2011: R228.6 million).
SecureData said that during the 2012 financial year‚ the group was completely restructured in order to address operational and management deficiencies that prevented it from performing optimally‚ particularly in SecureData Africa‚ and to respond to the challenging environment in the markets in which the group operates.
“The restructuring‚ including the disposal of SecureData Europe‚ was necessary to strengthen the financial position of the group‚ reduce costs and refocus the group on its fundamentals. All the long-term debt and bank overdrafts within the group were settled after the disposal of SecureData Europe,” the group stated.
“In SecureData Africa we have gone back to our roots‚ as an Africa-focused distributor of world-class software in information security‚ backed by engineers certified in every one of our products. In addition‚ we provide expert training to assist companies to address the ever-expanding risks in information security,” it added.
“We are rebuilding our relationships with the resellers‚ or retailers‚ who are the heart of our business as they are the ones who take our products to market. Those relationships had come under strain‚ and trust is now being restored through a focused programme led by the group chief executive officer.”
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