PBT Group final results March 2018
Revenue from continuing operations lowered to R556.1 million (R563.8 million) whilst operating loss widened to R118.1 million (loss of R15.1 million). Loss attributable to owners came to R188.1 million (profit of R1.2 billion). In addition, headline loss per share from continuing operations worsened to 1.35cps (headline loss per share of 0.80cps).
In accordance with the SENS announcement released on 26 May 2017, an excess payout was made to PBT Group by Prescient Holdings. The cash portion of this excess payout amounted to R26.2 million, which was paid out to shareholders as a capital reduction on 28 August 2017. No dividend from normal commercial operations has been declared for the year ended 31 March 2018.
Biannually, the directors consider the payment of a dividend, taking into account prevailing circumstances and future cash and capital requirements of the Group in order to determine the appropriate dividend in respect of a particular financial reporting period.
The explosion in the volume of data created in organisations on a daily basis necessitates the extraction of information to remain competitive. We have been experiencing sustained and growing demand for our services in this field over a 19-year period and all indications are that this trend will continue. Our application development services are also in high demand and are growing at a sustainable pace. The worldwide shortage of skills creates opportunities, but is also a constraint as access to these skills is limited. Our client base is of very high quality and is still expanding in a controlled manner.
We have spent extensively in man hours and other costs on proposals and pre-sales initiatives in order to accelerate growth in this region. Our margins are also under pressure because of our long involvement at a core client. Expansion beyond this key client should restore margins and reduce client concentration risk.
United Kingdom and Europe
We have identified this region for expansion of our revenue base and have been actively exploring opportunities. This drive is costly, but we are very confident that this region will contribute significantly to the bottom line in future. Good relationships have been formed through our partner network and a small office infrastructure established in Utrecht, Netherlands.