SilverBridge’s healthier cash balance lifts net profit
SOFTWARE company SilverBridge on Thursday reported a 21% rise in net profit to R10.09m in the year to June from a year ago. The firm, which provides software products and support services to banks and life assurance companies, said higher finance income from healthier cash balances lifted net profit. Cash flow from operations improved to R12.9m from R11.9m in the year-earlier period while its cash position improved to R27m from R18.2m in the year-earlier period. WATCH: How SA data costs compare with the rest of the world "Our client relationships remain healthy. Our efforts into higher value-added offerings for existing clients have been successful," the company said in a statement. "We have also launched new products in adjacent industry verticals as well as offerings in cloud-based hosting and managed services." Revenue was up 7% to R86.4m, with "good growth" in the annuity areas of support and software rental making up for a decline in implementation revenue, it said. SilverBridg...
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