{"id":34255,"date":"2013-03-25T10:10:54","date_gmt":"2013-03-25T08:10:54","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=34255"},"modified":"2013-03-25T10:15:03","modified_gmt":"2013-03-25T08:15:03","slug":"gijima-delays-interims-again","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/it-services\/34255\/gijima-delays-interims-again\/","title":{"rendered":"Gijima delays interims again"},"content":{"rendered":"

Listed IT service company\u00a0Gijima<\/a>\u00a0has delayed publishing its interim results for a second time, raising concern about the current financial state of the business.<\/p>\n

Shares in Gijima are currently priced at 19 cents on the JSE, valuing the company at R183.99 million, down from a year best level of 53 cents, and R1.27 recorded in February 2010.<\/p>\n

The group was originally due to report its results for the six month period ended December 2012, on 20 February, but delayed that to today (Monday, 25 March), which has again been cancelled.<\/p>\n

A spokesperson for Gijima told BusinessTech that the board was due to provide an update on a revised date today (25 March).<\/p>\n

Earlier this month, an analyst said that investors struggle to see past reputational damage that has already been inflicted on Gijima over the past while.<\/p>\n

Results forecast<\/strong><\/p>\n

In February, Gijima said it expects headline earnings per share for the six months ended December 2012, to reduce to a loss of between 10.30 and 10.90 cents from HEPS of 3.11 cents in 2011.<\/p>\n

Gijima\u2019s reported basic earnings per share for the six month period in 2012 are expected to reduce to a loss of between 2.25 cents and 2.85 cents from reported basic EPS of 3.10 cents in 2011.<\/p>\n

In its final results ending June 2012, Gijima reported a decline in revenue\u00a0to R2.5 billion (R2.6 billion).<\/p>\n

Ebitda amounted to a loss of R517,000, from a prior loss of R211.8 million, and an operating loss of R49.1 million, from a loss of R258.2 million before.<\/p>\n

\u201cGijima\u2019s recent trading statement indicated that the turnaround being attempted at the Group continues to disappoint in both timing and quantum,\u201d said\u00a0<\/b>Keith McLachlan<\/a>, a senior equities analyst of small-and mid-caps at\u00a0<\/b>Thebe Stockbroking<\/a>, and financial blogger at SmallCaps.co.za in a statement recently.<\/p>\n

\"Eileen<\/a>

Eileen Wilton<\/p><\/div>\n

CEO appointment<\/strong><\/p>\n

The group is also currently operating under the leadership of an interim CEO.<\/p>\n

Jonas Bogoshi<\/a>, Gijima\u2019s former CEO\u00a0stepped down from the group last year after five years at the helm.\u00a0Eileen Wilton<\/a>\u00a0was then\u00a0appointed\u00a0as\u00a0interim CEO, from her prior position as chief operating officer (COO) at the group.<\/p>\n

Funding<\/strong><\/p>\n

In May 2102, Gijima\u00a0secured an extension of its long-term debtors securitisation funding programme, initiated in July 2006.<\/p>\n

The company issued R300 million class A secured debentures to investors in the capital markets.<\/p>\n

The R300 million class A debentures comprise R150 million class A1 debentures maturing on 30 June 2015, and R150 million class A2 debentures maturing on 30 June 2012.<\/p>\n

More on Gijima<\/h3>\n

Gijima is in a hole: analyst<\/strong><\/a><\/p>\n

Gijima still mired in red<\/strong><\/a><\/p>\n

Gijima appoints interim CEO\u00a0<\/strong><\/a><\/p>\n

Gijima to cast wide net for new CEO<\/strong><\/a><\/p>\n

Gijima CEO steps down<\/strong><\/a><\/p>\n

Gijima close to sale of MineRP<\/a><\/strong><\/p>\n

Solidarity prevents retrenchments at Gijima<\/strong><\/a><\/p>\n

Gijima FY revenue seen flat<\/strong><\/a><\/p>\n

Gijima secures long term funding extension<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Gijima has delayed publishing its interim results for a second time, raising concern about its current financial position.<\/p>\n","protected":false},"author":9,"featured_media":20297,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[4346,641,26,1834,3669,1162],"class_list":["post-34255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-it-services","tag-eileen-wilton","tag-gijima","tag-headline","tag-jonas-bogoshi","tag-keith-mclachlan","tag-thebe-stockbroking"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/34255","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=34255"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/34255\/revisions"}],"predecessor-version":[{"id":34260,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/34255\/revisions\/34260"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/20297"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=34255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=34255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=34255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}