Compu-Clearing, which provides IT services and products to the customs clearing and freight forwarding industries, has reported a 6% increase in profit for the latest financial year.
The Ggroup’s core revenue is transaction-based and directly linked to customer import and export volumes. Other segments comprise hardware rental and the distribution of a globally leading third party freight management solution, ediEnterprise.
The year under review has seen the group deliver a 6% growth in profit for the year to R10,8-million (2012: R10,2-million). This was achieved during a period of flat trade volumes.
The investment in new servers towards the end of the 2012 financial year resulted in the scrapping of existing servers, which though still serviceable, no longer satisfied the company’s technical requirements. This resulted in a once-off write-off of R951 000 and is included in loss on property, plant and equipment. After tax, the impact was R684 000.
The ediEnterprise segment made pleasing strides during the year growing revenue by 17% to R2,9-million (2012: R2,5-million) and increasing segment profit by 34% to R1-million (2012: R0,8-million).
The discontinuance of secondary tax on companies has resulted in a reduction in the effective rate of income tax to 26,1% (2012: 30,2%).
The group’s owner-occupied land and buildings has been revalued by an independent valuer on 15 May 2013. A revaluation surplus of R5,9-million arising from the valuation is reflected under other comprehensive income. The taxation effect is R1,5-million.
Cash generation remained robust with cash generation from operations up 2% to R17-million (2012: R16,6-million).
