Morvest grows interim revenue 15%
Morvest, a listed provider of ICT and outsourcing solutions on Wednesday (26 February), reported a 15% rise in revenue for the six months ended November 2013, to R545 million.
Diluted headline earnings per share improved to 6.20 cents, from 4.08 cents per share before, while earnings before interest, taxes, depreciation, and amortisation improved by 26% to R84 million.
Gross profit rose to R280 million, from R233 million in 2012.
Morvest said its Business Support Services contributed 49% and the ICT Solutions Division contributed the balance.
Approximately 93% of the revenue was generated in South Africa and balance from Africa.
Looking ahead, Morvest said telco’s continues to exert margin squeeze as a result of pricing pressure, “and our cost containment whilst retaining quality and services is a key
priority for the year ahead”.
“Expansion further into Africa and internationally is a key strategic objective for the next 12 to 18 months, as significant growth opportunities in the emerging markets primarily in outsourcing, ICT, resourcing, training and education could offer an attractive counter to anticipated difficult conditions locally.”
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