Company Data
| Last traded |
R2.90 |
| Change |
R0.00 |
| % Change |
0.00% |
| Cumulative volume |
252,059 |
| Market cap |
R718.24m |
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Johannesburg - Fleet management and vehicle tracking
solutions group DigiCore Holdings [JSE:DGC] on Tuesday reported flat earnings
for the six months ended December 2011, with diluted headline earnings per
share of 10.0 cents from 10.5c previously, due to additional shares in
issue.
Revenue was up 24% at R400.5m, backed by strong system
shipment growth of 41%.
DigiCore's international operations grew revenues by 51% for
the six months, compared to the previous interim period.
Operating profit was down 6% at R37.98m and earnings before interest, taxes, depreciation, and amortisation increased
favourably during the period by 12% to R70.7m. After-tax earnings increased 5%
to R26.4m.
The company noted that the manufacturing operations turned
around from a loss in the interim period to a R10m operational earnings
contribution in the six months.
The first half was a period where the business base grew
strongly in number of shipped systems, building future subscription and
service revenue streams. Substantial investment was made in maintaining technology leadership.
On the back of 41% growth in systems shipped, the product
development and manufacturing segment (engineering) grew revenue by 13%. The
foreign distribution segment lifted revenues by 51%, benefiting from the newly-acquired Australian operations not consolidated previously.
In line with the group's strategy, annuity revenue rose by
26% and now constitutes 50% of total revenue.
Excluding exceptional items, operating expenses of the group
were managed on budget. The 37% rise in operational expenses includes
additional budgeted R&D spend, further international expansion and a number
of large extraordinary items that fell into this period.
These were first-time
amortisation in the UK of R2.6m, once-off management restructuring in UK and
Europe at R2.6m and the launch of the insurance channel in South Africa at
R4.4m, which will not be repeated in future.
Looking ahead, DigiCore said the European economic crisis
remains a concern, but it is cautiously optimistic that the group will show
improved revenue and earnings growth for the full year to June 30 2012.