ConvergeNet updates on expected earnings

ICT infrastructure supplier ConvergeNet has published an updated trading statement in which it says it expects to widen its losses.

The group says that the revised expected increase in the loss per share for the six months ended February 2013 will be approximately between 183% and 188% compared to a loss of 0.16 cents in 2012.

The estimated decline in headline loss per share for February 2013 remains at between 25% and 30% when compared to a loss of 1.84 cents before.

In November 2012, ConvergeNet recorded an operating loss of R7.14 million in its financial results for the year ended August 2012, citing an increase in operating expenses.

The group noted that operating expenditure increased by 29.8% to R286.6 million compared to R220.8 million for the corresponding period.

The ICT firm said it would focus on expanding its activities into more than 12 identified African countries and streamlining of its operations.

“We expect our performance to improve in the next year and beyond and through growing our African footprint, new innovative service offerings, strong sales force and proven technical abilities.

“ConvergeNet will also continue to prudently invest in identified strategic growth areas such as a NOC, Cloud Computing, Hosted and ICT Managed Services,” it said.

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ConvergeNet updates on expected earnings