FoneWorx Holdings has reported postiive results for the six months ended 31 December 2009, with revenue up 16,2%, profit after tax up 11,6% and cash reserves up 17,8%.
Revenue for the group increased by 16,2% to R45,8-million from R39,4-million in the previous corresponding period, while gross profit improved from R23,1-million to R28,7-million, a 24,5% increase from the previous period. Profit after tax grew by 11,6% to R9,7-million from R8,7-million.
The increase in revenue is largely attributable to the group's business services, which continue to show good growth, according to statement issued today.
The group's net cash and cash equivalents increased in the interim period by R10-million to R65,5-million, compared to net cash and cash equivalents in the previous corresponding period of R55,6-million, which represents a 17,8% increase. The group remains debt free save for short-term finance leases on vehicles and capital equipment, and a 10-year bond of R9-million on its head office building in Randburg.
During the interim period, Foneworx's staff complement was increased in order to cater for the development of its new solutions, namely IDWorx, DRWorx and CarbonWorx.