Datatec FY earnings fall; Dittrich rejoins group as CFO
In what CEO Jens Montanana described as a “notably challenging” financial year, JSE-listed Datatec achieved flat revenues and lower earnings.
The company on Wednesday reported underlying earnings a share of $0.32 for the year ended February 29, compared with $0.42 the year before, while headline earnings a share had decreased to $0.19, compared with $0.37 the year before.
“We were affected by a combination of a strong US dollar impacting the contribution from our emerging market operations and major income statement charges, including foreign exchange losses due to capital controls in Angola and the reorganisation of Logicalis UK,” Montanana commented.
Revenues for the year were $6.5-billion, compared with $6.4-billion in the prior financial period, with North America contributing 35% of revenue, Europe 34%, Latin America 14%, Asia-Pacific 9% and Africa & Middle East 8%.
Datatec’s Westcon subsidiary contributed 75% of revenues, with the division achieving a 0.3% year-on-year increase in revenues owing to growth in North America and Europe being offset by a decline in Latin America and Africa.
Its Logicalis subsidiary, which contributed 24% of revenues, reported a strong performance in the US but lower growth in Latin America.
“Looking ahead, we are confident that our diversification and geographical portfolio strategy, as well as global positioning in the information and communication technology market, remain sound,” said Montanana.
Meanwhile, former Datatec CFO Ivan Dittrich would rejoin the group in the same position at the end of May.
He had served as CFO between 2008 and 2012, when he resigned to take up a position at Vodacom.
"I am delighted to welcome Ivan back as our CFO. He has a very strong track record with us and has benefited from his recent experience outside the group,” Montanana said.
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