Setpoint more than matches prospectus
SETPOINT Technology, one of the many IT stocks which have set the JSE alight in the past few months, reported strong maiden results in the six months to end-February.
Earnings per share surged by 75.7% to 6.5c on the pro-forma figure for interim 1996/97.
This means the company will easily meet its prospectus forecast of 8.7c for the full year, writes SVEN LUNSCHE.
Turnover was up by 33.6% at R67-million, while operating income improved by 39% to R10.2-million.
Setpoint, a supplier of specialised industrial technologies, made two acquisitions during the period and is in negotiations for more.
The deals boosted net asset value per share from 24c to 60.5c.
Chief executive Mark Smith is confident the prospectus forecast will be exceeded, citing a strong order book and future acquisitions.