Control instruments reap earnings from restucturing .

October 99 News & Events

Control Instruments, which focuses on electronics and information technology (IT), benefited from a far-reaching restructuring exercise to more than double attributable earnings to R6 million (6,8c a share) in the six months to 30 June, the group said recently.

Richard Friedman, Managing Director, said core operations in electronics and IT were the main drivers behind the strong results.

Although overall turnover only rose by 14% to R72,5 million, improved trading margins of 5,8% ensured that operating profit nearly tripled to R4,2 million.

Turnover on the electronics side rose 5,4% to R58,5 million, while pre-tax earnings more than doubled to over R7 million.

Shurlok, the automotive electronics and security division, continued to grow turnover by expanding its customer base, while Fleet Management Systems' international sales of on-board computers for vehicles spanned 30 countries worldwide.

"The growth in these areas of business was more than sufficient to offset the large decline in low margin local turnover," Friedman said.

He added that rand hedge sales in the electronics operation now accounted for over 83% of operational turnover.

He said Control's IT and communications business, which consist of Matrix Vehicle Tracking, DataPro and start-up operations, had improved turnover by 63% to R13,2 million.

Control's balance sheet remained strong with net cash reserves of R21 million.

Control shares ticked 1c higher to 69c on the JSE.

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