Technology company Ansys is feeling the effects of the slow economy, with customers’ spending cutbacks eating into its full-year revenue and profit. Revenue of R572.6m in the year to end-March was down 29% from a year ago. Net profit halved to R33.424m, from R67.751m. Ansys also blamed an exceptional foreign currency gain in the previous year for the decline. This year’s forex gain was a much smaller R7.8m, from R17.4m before, according to the results statement released on Wednesday. Ansys, which has recently rebranded to Etion, provides technology solutions in the rail, mining and industrial sectors, as well defence and cyber security systems, and telecommunications systems. The company has reorganised its portfolio, with mining, industrial, defence and cyber security now falling under one division known as original design manufacturing (ODM). Rail is now known as safety and productivity, while telecommunication is now digital network. "The decline in financial performance can be a...

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