Two directors leave FoneWorx

Alt-X listed FoneWorx Holdings (FWX) said on Thursday (March 1, 2012) that two company directors have resigned with immediate effect.

“The board of directors of FoneWorx hereby notifies its shareholders that Mr Robert Russell, a director of FoneWorx, and Mr Dean Zwarts, a director of FoneWorx Proprietary Limited, have resigned with effect from March 1, 2012.”

On Wednesday, FoneWorx Holdings announced a 14% rise in revenue to R52.5 million, for the six months ended December 2011 – while gross profit increased from R27.2 million to R31.8 million, a 17% increase from 2010.

FoneWorx subsidiaries provide interactive telecommunications, switching and business services.

The group reported headline earnings per share of 7.84 cents, from 7.29 cents, before.
Group operating expenditure decreased by 4% from R5.8 million, to R5.5 million, and staff costs increased from R7.5 million, to R9.9 million – a 33% increase.

The group attributed the rise to an increase in the average cost per head, as well as other staff-related costs, including the provision for staff bonuses – for which provision was not applicable in the previous corresponding period.