ConvergeNet results exceed expectations
ConvergeNet announced its interim results on Friday the 18th of April 2008, full details of which are available in the Company News section on the Website.
The group experienced strong demand for its services, products and solutions, which resulted in an increase in customer and market share for the period. This led to the group exceeding the expected results for the period.
According to the profit forecast, as published in the circular to shareholders dated the 3rd of August 2007, the fully diluted earnings per share were estimated to be 4.23 cents per share for the year ending 31 August 2008. On the assumption that forecast earnings accrued on a pro rata basis, the actual fully diluted earnings and headline earnings per share for the 6 months were 32% better than 50% of the profit forecast.
We are particularly pleased with the results achieved by the Sizwe IT Group, Structured Connectivity Solutions and Telesto Communications, which performed very well during the period.
The group continues to experience strong demand for its offerings in spite of the current economic situation. Therefore the outlook for growth remains good.
