Forza, the listed leisure lifestyle group which runs forzaweb.com, the group`s motor and lifestyle portal, reported turnover growth of 42% for the interim period.
Forza has posted interim turnover of R501.7 million for the six months ended February 2001, 42% ahead of the R353.9 million reported in the corresponding interim period to February 2000.
Interim headline earnings of R11 million were 14% higher than the R9.6 million for the corresponding period. However, the group says that with the significant increase in the number of shares in issue, headline earnings per share (EPS) of 2c remained consistent with the previous interim figure.
Operating profit before depreciation and amortisation (EBITDA) increased to R22.3 million, 45% ahead of the R15.4 million for the previous corresponding interim period, maintaining an EBITDA margin of 4.4%.
"Overall the group performed well in light of challenging market conditions," says Peter Acheson, Forza`s executive chairman.
SporTech, the vehicle customisation centre that formed a small component of the group, was sold during the period under review. "The disposal of SporTech to its management is in line with our previously stated intention to review its role in the group. The sale is in the best interests of the group and has had no material impact on these results," says Acheson.
"We anticipate continued growth in earnings for the full year. However, due to the significant number of additional shares in issue, growth in EPS is unlikely."
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