Huge Group PR - Huge Group releases audited results


Huge Group PR - Huge Group releases audited results

By Huge Group - Monday, August 31, 2009

 

 
Huge Group releases audited results
31 August 2009
 
Huge Group, an AltX listed company specialising in managed telecommunications, today reported that its revenues for the year ended 28 February 2009 had increased by a further R2,7 million with the auditing of the year-end results.

The results announced in May this year were reviewed by the auditors but not audited because of delays caused by discussions between Huge and the JSE which affected the accounting treatment of derivatives contracts held by the company.

The subsequent audit has increased revenues for the financial year to R608,83 million from the reviewed figure of R605,85 million, following the reallocation of a bad debt provision.

The group's net asset value per share for the year to February benefited from a marginal upward adjustment to 234.91 cents compared to the 234.7 cents reported in May, with tangible net asset value per share being revised to 31.05 cents from the previous 30.81 cents.

Huge CEO, James Herbst, said that none of the changes were material, and they had no effect on attributable earnings, headline earnings or earnings per share.

Huge Group, South Africa's leading managed telecommunications company, remains profitable and cash generative, with revenues that are by nature recurring or annuity based. Its cash generated from operations for the year ended 28 February 2009 was R55,7 million.
 
For further information please contact:

Duncan Palmer, Marketing Manager, Huge Telecom, on 011 603 6000 or 082 374 0146
Michael Acott at Baird's on 011 504 4000 or 082 821 5656
Cal Masterten-Smith at Baird's on 011 504 4000 or 083 272 6396