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Foneworx posts positive results

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Telecommunications value-added service provider Foneworx has announced a revenue surge of 22% for the year ended 30 June, with profit before tax up 67%, earnings per share up 65%, headline earnings per share up 56% and net asset value up 212%.

During the year the group's BEE transaction with Kabo Capital was finalised, with Kabo now owning 30% in the group, pushing its overall BEE equity status to 43%.
The company has service provider agreements with Telkom, MTN, Vodacom and Cell C. It has its own technology platform, which comprises more than 1 260 channels of digital voice and data.
Earnings before net interest, tax, depreciation and amortisation (EBITDA)  improved to R19.8-million (2007: R13.1-million), an increase of 51% and profit before tax was R20-million (2007: R11.9 million), an increase of 67% against the previous year.
Earnings per share (EPS) grew by 65% to 13 cents per share from 7.89 cents per share in the previous reporting period. Headline earnings per share (HEPS) grew 56% from 8.20 cents per share in the previous period to 12.75 cents per share.
Profit before tax, expressed as a percentage of revenue, improved to 28% (2007: 21%). Gross profit was R39-million (2007: R30.5-million), which is 55% of revenue (2007: 52%).
During the year, FoneWorx redefined its operating divisions with the emphasis on providing more focus on additional operational and strategic depth. These divisions incorporate infotainment services, business services and switching services.