On The Money - In Brief

Mergers, Acquisitions and Financial Results

- Bytes Technology Group (BTG), in line with expectations, recorded acceptable results for the six months ended 31 August 2003 with headline earnings per share increasing by 4.8% despite a significant drop in earnings from its UK operations and in particular from its recent acquisition, Plato. Notwithstanding this, the performance by the African operations both in South Africa and elsewhere was most encouraging. Operating profit declined by 2.4% to R77 million (2002: R79 million) as a result of the downturn in the performance from the UK operations which showed a reduction in revenue of approximately R515 million, resulting in an overall drop in revenue for BTG of 25%.