Business: Metrofile Announces Audited Group Results for 30 June 2009
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Results for the year were satisfactory with revenue increasing by 12,5% to R371,1 million and EBITDA increasing by 11,0% to R118,0 million. Although headline earnings per share (“HEPS”) reduced by 25,7% to 10,7 cents (2008: 14,4 cents), the more relevant measure is normalised HEPS which is calculated after adjusting HEPS for a number of once-off items that arose from the restructure of the old MGX Group. And also for the accounting effects of changes in the fair value of the interest rate swaps (i.e. not the benefit/cost from those swaps); the changes would have been accounted for through the NDR if hedge accounting had applied. Normalised HEPS for the period increased by 23,0% to 12,8 cents (2008: 10,4 cents).
Metrofile have according to the company’s CEO Graham Wackrill focussed efforts over the past year on building physical capacity, growing the company’s footprint, new products and services and the training of staff. Additional warehouses have been erected in Cape Town, Durban and Johannesburg and a formal staff training department has been set up.
The company also branched out into new markets with the launch of its Data Protection services division with the securitisation of partnerships with leading technology suppliers Mimecast and Attix5. It has also taken steps to grow its Africa footprint with the announcement to open in Nigeria and sealing a major deal with the Bank of Uganda.
“Looking ahead we are optimistic as the past year has allowed us to pave the way for a number of opportunities that will see substantial growth for the company both locally and throughout Africa. We have been cautious in our approach to the market, and as a result expect steady growth in EBITDA and in normalised HEPS, notwithstanding the slowdown in the economy,” ends Wackrill.
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