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Press Office Investor Relations SENS SilverBridge year-end 2009 results

SilverBridge year-end 2009 results

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Created on Tuesday, 05 May 2009 18:28

SILVERBRIDGE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration No. 1995/006315/06)
JSE SHARE CODE: "SVB" ISIN CODE: ZAE000086229
("SilverBridge" or "the Group")

ABRIDGED AUDITED GROUP ANNUAL FINANCIAL STATEMENTS
for the year ended 28 February 2009,NOTICE OF ANNUAL GENERAL MEETING AND POSTING OF THE ANNUAL REPORT

FINANCIAL HIGHLIGHTS
for the year ended 28 February 2009

  • Revenue increased by 18% to R70.5 million
  • Increased annuity income by 29%
  • Profit for the year decreased by 37%
  • EBITDA decreased by 19%
  • Earnings per share and headline earnings per share decreased by 38%
  • Cash on hand increased by 27% to R16 million with no interest bearing debt

OUR BUSINESS
SilverBridge offers the providers of financial services integrated, flexible and cost-effective business administration solutions. The Group operates through two subsidiaries: SDT specialising in life and employment benefit administration software and Ones & Zeros ("ONZ") offering consulting services to financial service institutions. The Group's strategy is to expand into the other pillars of financial services and over the medium term, specifically into short term insurance administration and loans administration software. The Group's vision is to enable financial services providers to offer a portfolio of products to the man in the street at an affordable price. The Group measures performance across five operating segments; being implementation, support, rental and consulting as well as research and development. The support and rental revenue segments deliver annuity revenue.


FINANCIAL REVIEW
The Group was successful with the integration of the Ones & Zeros acquisition which contributed 25% to revenue. The annuity revenue from the rental and support segments in SDT increased by 29% to improve the already sustainable income base of the Group. The year proved to be challenging for SDT as the decision cycles of clients were prolonged and projects were extended into our new financial year. The delay in decisions decreased implementation revenue by 42%. This however created a solid order base for the new financial year. The reduced implementation requirements helped us to limit the increase in expenses to 4.9% (excluding costs added through the acquisition). We could have reduced our expenses further but preferred to preserve our delivery expertise in line with our positive outlook.