PERFORMANCE OF UNITS IMPROVE
Pinnacle expects higher annual earnings as interim revenue grows
The technology group says it has secured a number of new contracts in the highly competitive market
Technology group Pinnacle Holdings expects earnings for the full year to June 2017 to be above those of the corresponding period a year ago as all its unit continued to improve.
The group provides a range of information and technology hardware and software products and services. It will be known as Alviva Holdings from next week.
Revenue for the six months to December increased 47% to R6.3bn. Net profit was R214.3m from R150.5m. Headline earnings rose 19% to R178m. In 2016, Pinnacle completed its acquisition of Datacentrix, expanding its market.
Pinnacle’s Services and Solutions division, which includes Datacentrix, had a "pleasing" six months with revenue of R1.8bn. "New contracts have been secured in a highly competitive environment that place the division well for growth in the ensuing periods," Pinnacle said.
The distribution division grew revenue 11% to R4.7bn.