subscribe Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Subscribe now
Picture: RUSSELL ROBERTS
Picture: RUSSELL ROBERTS

Justice Tootla has resigned as MD of Metrofile’s SA unit, with immediate effect, the document and storage management specialist has announced. 

In a note to shareholders, the company said the executive had stepped down from his role as MD of Metrofile SA (MRM SA), with effect from June 30 2024. Shivan Mansingh, the group’s CFO, will caretake the role “overseeing the day-to-day operations of MRM SA” on an interim basis “until a suitable replacement has been identified.”

Metrofile did not give a reason for the executive change. Even then, Mansingh remains as the group’s CFO.

Valued at R1.09bn on the JSE, the group operates from 70 facilities and provides records and information management services in SA, Kenya, Botswana, Mozambique and the Middle East, with SA accounting for more than half of its revenue.

Earlier in the year, the group reported a 2% rise in interim revenue to December 2023 of R577m, following growth in secure storage offset by lower demand in products, services and digital. 

The group, which has been working to grow its technology unit to reduce reliance on legacy physical operations, has plans in place to grow digital subscriptions while also looking to maintain its dominant position in paper or physical document solutions. 

Earnings before interest, tax, depreciation and amortisation (ebitda) fell 4% to R160m and operating profit 5% to R111m.

As part of the digital push, in 2021 Metrofile spent R48.9m to acquire a 70% stake in IronTree. The business provides data management services including cloud backup, disaster recovery and specialised hosting in a private cloud. IronTree also offers cybercrime and ransomware prevention.

Metrofile, a lightly traded stock, saw its share price unchanged on Wednesday. At R2.52, the stock is down 23.17% over the past 12 months.

Correction: July 11 2024
A previous version of this article said Shivan Mansingh had resigned as MD of Metrofile SA. It is, in fact, Justice Tootla who has stepped down

gavazam@businesslive.co.za

subscribe Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Subscribe now

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.