Faritec Holdings hopes to complete its turnaround and begin the next financial year on a firm footing.
The JSE-listed IT services and solutions company, yesterday issued a statement that it has incurred trading losses in the year ended 30 June 2009.
Its financial results will reflect a loss per share for the reporting period, compared to earnings and headline earnings per share of 11,3 cents for the year ended 30 June 2008.
The company was not yet in a position to quantify the extent of the loss, which follows on the back of a very difficult period for Faritec.
Faritec have been engaged in a turn-around programme over the last six months, which the company sayss is well on track.
"The company has also undertaken transactions which have resulted in a R49-million capital injection to stabilise its working capital situation," it adds.
"Faritec expects to start the new financial year on a clean slate, having concluded most of its cost-cutting measures."