Huge Group delivers earnings growth

Huge Group on Thursday (21 November) reported a 14% rise in revenue to R245 million in interim results for the six months ended August 2019.

The Telecom Grouping enjoyed a 17% increase in revenue, mainly as a result of the Otel Business Combination and the Pansmart Business Combination.

The Fintech Grouping enjoyed a 9% increase in revenue. The awarding by Standard Bank of a contract for the provision of payment connectivity services is in the process of being implemented and is expected to contribute meaningfully to revenue growth in the future, Huge Group said.

Financial highlights relating to the interim results:

  • Total revenue increased by 14% from R215 million to R245 million
  • Gross profit increased by 43% from R126 million to R180 million
  • Operating profit increased by 6% from R68 million to R72 million
  • EBITDA increased by 19% from R80 million to R95 million
  • Basic earnings per share increased by 3.4% from 28.46 cents per share to 29.43 cents per share
  • Normalised basic earnings per share increased by 50%
  • Headline earnings per share increased by 2.5% from 28.50 cents per share to 29.21 cents per share
  • Normalised headline earnings per shares increased by 48%

The board declared a gross cash dividend of 6.25 cents per ordinary share as an interim dividend.

“Huge Group has made significant strides during the past six months. We have built some of the capacity that we need to deliver our ‘Growing Huge Strategy’.

“The results have been very encouraging and bode well for the delivery of faster and more meaningful outcomes. Our structures have been fortified to deliver our expectations,” said chief executive officer, James Herbst.

Read: Andrew Openshaw joins Huge Group as COO

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Huge Group delivers earnings growth