The professional services, ICT and outsourcing solutions provider will change its trading name to Morvest Business Group this month Simeka Business Group's (SBG) interim results reflect the company benefiting from a new business strategy and plans to rebrand itself.The professional services, ICT and outsourcing solutions provider will change its trading name to Morvest Business Group this month.Simeka CEO Mohammed Varachia says the name change will end market confusion between the company and Simeka Holdings, an unlisted investment holding company.Varachia says the company's good interim results for the six months ended November 30 2010 were driven by lower financing costs due to favourable interest rates. Simeka reported net debt of R28,7m, almost half of the previous figure of R48m. Headline earnings were R23,2m and cash reserves increased to R96m. Varachia says the company's 10% revenue increase of R411,1m from R373,7m in the comparative period was based on organic growth after i...
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