On The Money - In Brief
- SA’s IT services and solutions group AST’s 2003 financial year should go down as its worst ever. It was a set of numbers described by non-executive chairman Hans Smith as "not acceptable", and by financial director Marthinus Erasmus as "as bad as it gets". And although the results of the turnaround plans are not yet apparent in the numbers, the group maintains its reengineering is firmly on track. "We are proud of the progress we’ve made in turning AST around," said CEO John Miller.AST says the impact of the plans, which cost about R66m in the current year to implement (direct costs and restructuring costs included), will be fully evident in the 2005 financial year.
- SA’s FrontRange’s results for the year ended June 30 show that the company has made a modest operating profit of R0.4m, a turnaround of R140m after a number of years posting losses.