Morvest, a provider of\u00a0ICT solutions says further expansion into Africa and internationally\u00a0remains a key strategic objective for the next year, after the group delivered “satisfactory” interim results.<\/p>\n
Morvest is a black empowered holding group with an international footprint
\nspanning Africa (South Africa, Mozambique and Nigeria), India, United Arab
\nEmirates and the United States of America.<\/p>\n
The group’s operations include\u00a0professional\u00a0services and outsourcing solutions, retail and consumer services, and ICT solutions, which\u00a0contributes 37%.<\/p>\n
Morvest reported a 6% rise in revenue to R473 million\u00a0for the six months ended November 2012.<\/p>\n
Ebitda declined R66.7 million, from R73.4 million in 2011, due to\u00a0continued pricing pressure from\u00a0\u00a0the group’s existing customer base as well as competition from the aggressive\u00a0emerging markets including China and India.<\/p>\n
The group posted headline earnings of R25.6 million\u00a0translating into headline earnings per share of 5.20 cents, up 6.8% from 4.87\u00a0cents in the prior reporting period.<\/p>\n
Looking ahead, Morvest said it foresees a challenging 12 to 18 months period ahead
\ndue to difficult market conditions and continued pricing pressure from\u00a0emerging markets.<\/p>\n
“Further expansion into Africa and internationally\u00a0remains a key strategic objective for the next year as part of the group’s\u00a0diversification strategy,” it said.<\/p>\n
IT services a mixed bag in 2012 \u2013 analyst<\/strong><\/a><\/p>\n