FY14

Final results

Datatec Limited ("Datatec" or the "Group"), the international information and communications technology (ICT) group, is today publishing its reviewed condensed consolidated results for the financial year ended 28 February 2014.
Results summary
  Revenue up 8% to $5,69 billion (2013: $5,25 billion)
  Gross profit increased by 8% to $841,4 million (2013: $780,3 million)
  EBITDA of $175,3 million (2013: $185,5 million)
  Underlying* earnings per share of 35,7 US cents (2013: 43,1 US cents)
  Capital distribution maintained at 17 US cents per share for the full year (2013: 17 US cents)
  Westcon: new leadership team and re-organisation implemented
  Logicalis: transforming into services-based business
Current trading and outlook
  Uneven global recovery
  Westcon management focused on improving operational efficiency
  Logicalis well positioned for industry evolution
  2015 financial year forecast:
Revenues in excess of $6 billion
Underlying* earnings per share of more than 40 US cents
*Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition-related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition-related financial instruments and unrealised foreign exchange movements
Jens Montanana, Chief Executive of Datatec, commented:
"We continued to grow revenue and our gross margins have been stable. Logicalis had a notably strong year, reporting operating profits up 23%, whilst Westcon underperformed as a result of several factors.
"We remain confident in the sustainability of our long-term growth strategy and have maintained our capital distribution at the same level as the previous year. The secular trends in our industry remain favourable.
"In the current financial year, we anticipate another robust performance for Logicalis while Westcon will continue to consolidate and focus on improving operational leverage."
 
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Interim results

Datatec Limited (“Datatec” or the “Group”, JSE and LSE: DTC, Registration number: 1994/005004/06, ISIN: ZAE000017745), the international Information and Communications Technology (ICT) group, is today publishing its unaudited half year results for the six months ended 31 August 2013 (“the Period”).
Financial highlights
  Group revenue $2,77 billion (H1 FY13: $2,62 billion)
  Gross margin expands to 15,0% (H1 FY13: 14,4%)
  EBITDA $89,2 million (H1 FY13: $91,9 million)
  Underlying* earnings per share 19,2 US cents (H1 FY13: 23,5 US cents)
  Interim capital distribution maintained at 8 US cents per share (H1 FY13: 8 US cents)
Operational highlights
  Westcon’s contribution continues to be impacted by roll-out of ERP system
  Anticipated growth in the US did not materialize
  Logicalis delivered another very strong performance – operating profit up 45% to $32,7 million (H1 FY13: $22,6 million)
  Currency weakness in many countries has impacted market demand
Current trading and prospects
  Cautious outlook for second half of FY14 in light of Westcon’s performance
  Revised 2014 financial year forecast:
Revenues between $5,6 billion and $5,8 billion (FY13: $5,25 billion)
Underlying* earnings per share similar to FY13, approximately 43 US cents per share.
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FY13

Annual results

Full year results -cash distribution up 6%
Datatec Limited (“Datatec” or the “Group”, JSE and LSE: DTC), the international information and communications technology (ICT) group, is today publishing its audited results for the financial year ended 28 February 2013.
Financial highlights
  Revenue up 4% to $5,25 billion (2012: $5,03 billion)
  EBITDA $185,5 million (2012: $190,2 million)
  Cash generated from operations increased to $316,8 million (2012: $102,8 million)
  Underlying* earnings per share 43,1 US cents (2012: 47,9 US cents)
  Capital distribution up 6% to 17 US cents per share for full the year (2012: 16 US cents)
Operational highlights
  Group EBITDA performance impacted by weaker second half at Westcon
  Acquisition of Afina further broadens Westcon’s geographic reach
  Record financial performance from Logicalis – operating profit up 28%
Current trading and prospects
  US market showing signs of improvement
  Westcon continuing to adapt to weaker environment
  Robust performance expected to continue in Logicalis
  2014 financial year forecast:
Revenues of between $5,6 billion and $5,9 billion (2013: $5,25 billion)
Underlying* earnings per share of approximately 50 US cents (2013: 43,1 US cents)
Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition-related financial instruments and unrealised foreign exchange movements
Jens Montanana, Chief Executive of Datatec, commented:

“Last year presented contrasting trading periods and differing divisional achievement. In the first half we performed well in most operations around the world and met our financial expectations. However, in the second half, Westcon experienced a slowdown in revenues, particularly in Europe and North America. Logicalis, by contrast, continued to perform strongly throughout the year especially in the UK and USA.

“Our increase in capital distribution, despite the weaker second half and challenging trading environment, is a clear demonstration of our confidence in the sustainability of our long term growth strategy.

“In the current financial year, we anticipate another robust performance for Logicalis while Westcon will continue to consolidate and focus on improving operational leverage.”
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Interim results

Datatec Limited (“Datatec” or the “Group”, JSE and LSE: DTC), the international Information and Communications Technology (ICT) group, is today publishing its unaudited interim results for the six months ended 31 August 2012.
FINANCIAL HIGHLIGHTS
  Group revenue up 7% to $2,62 billion (H1 FY12: $2,44 billion)
  Gross margin increases to 14,4% (H1 FY12: 14,1%)
  EBITDA up 8% to $91,9 million (H1 FY12: $85,4 million)
  Underlying* earnings per share up 8% to 23,5 US cents (H1 FY12: 21,8 US cents)
  Increased interim capital distribution up by 14% to 8 US cents per share (H1 FY12: 7 US cents)
OPERATIONAL HIGHLIGHTS
  Trading and underlying earnings continue to improve but growth slowing in a weakening economic climate
  Group continues to benefit from business and international diversification
  Continued improvement in business mix and growing annuity income stream
  Afina expands solution set and geographic high growth markets exposure
CURRENT TRADING AND PROSPECTS
  2013 Financial Year forecast remains unchanged despite increasingly uncertain economic outlook:
 
Revenues of between $5,5 billion and $5,8 billion (FY12: $5,03 billion)
Underlying* earnings per share of approximately 55 US cents (FY12: 47,9 US cents)
*  Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition-related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition-related financial instruments and unrealised foreign exchange movements
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FY12

Annual results

Strong South America performance helps drive EBITDA up 34%
Financial highlights
  Revenue up 17% to $5,03 billion (2011: $4,3 billion)
  EBITDA up 34% to $190,2 million (2011: $142,2 million)
  Cash generated from operations $102,8 million (2011: $64,0 million utilised by operations) 
  Underlying* earnings per share up 26% to 47,9 US cents (2011: 37,9 US cents) 
  Capital distributions of 16 US cents per share for the year (2011: 13 US cents), including a final distribution of 9 US cents per share 
Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition-related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition-related financial instruments and unrealised foreign exchange movements. 
Operational highlights
  On-going strong performance and operational leverage
  Continued margin expansion; overall EBITDA margin 3,8% (2011: 3,3%)
  Continuing to benefit from business diversification and international scale
  Improved business mix and growing annuity income stream
  Logicalis and Westcon establish operations in Indonesia
Current trading and prospects
  Security, unified communications and data centre infrastructure continue to be the key solution drivers for growth. Risks remain in Europe, but a recovery in the US and strength in the rest of the world to support global growth 
  2013 Financial Year forecast 
Revenues of between $5,5 billion and $5,8 billion (2012: $5,03 billion)
Underlying* earnings per share of approximately 55 US cents (2012: 47,9 US cents)
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Interim results

Datatec Limited ("Datatec" or the "Group", JSE and LSE: DTC), the international Information and Communications Technology (ICT) group, is today publishing its unaudited interim results for the six months ended 31 August 2011. 
FINANCIAL HIGHLIGHTS
  Group revenue up 14% to $2,44 billion (H1 FY11: $2,13 billion)
  Overall gross margin expanded to 14,1% (H1 FY11: 13,2%)
  EBITDA up 46% to $85,4 million (H1 FY11: $58,5 million)
  Underlying* earnings per share up 38% to 21,8 US cents (H1 FY11: 15,8 US cents)
  First interim capital distribution per share of 7 US cents
  Total capital distributions since 2006 of $125 million (approximately R1 billion) 
* Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition related financial instruments and unrealised foreign exchange movements.  
OPERATIONAL HIGHLIGHTS
  Benefitting from business diversification, international scale and market share gains
  Continuing strong financial performance and operational leverage
  Improved business mix and growing annuity income stream
  Earnings increase at more than twice revenue growth rate
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FY11

Annual results

11 May 2011
Datatec Limited (“Datatec” or the “Group”, JSE and LSE: DTC), the international Information and Communications Technology (ICT) group, is today publishing its audited results for the financial year ended 28 February 2011. 
Strong financial performance drives EBITDA up 31%
Financial highlights
  Revenue up 15% to $4,3 billion (2010: $3,7 billion)
  EBITDA up 31% to $142,2 million (2010: $108,5 million)
  Underlying* earnings per share up 25% to 37,9 US cents (2010: 30,3 US cents)
  Capital distribution per share up 8% to 13 US cents (2010: 12 US cents)
Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition-related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition-related financial instruments and unrealised foreign exchange movements. 
Operational highlights
  Strong performance and operational leverage
  Solid revenue growth in Westcon and Logicalis; up 13% and 25% respectively
  Margin expansion; overall gross margins 13,9% (2010: 13,3%)
  EBITDA increases at 2x revenue growth rate
  Group continues to benefit from international scale and business diversification
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Interim results

Datatec Limited ("Datatec" or the "Group", JSE and LSE: DTC), the international Information and Communications Technology (ICT) group, is today publishing its unaudited results for the six months ended 31 August 2011 ("H1 FY11").
Financial highlights
  Revenue up 19% to $2,13 billion (H1 FY10: $1,80 billion)
  EBITDA up 31% to $58,5 million (H1 FY10: $44,6 million)
  Underlying* earnings per share up 37% to 15,8 US cents (H1 FY10: 11,5 US cents)
Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition-related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition-related financial instruments and unrealised foreign exchange movements. 
Operational highlights
  Revenue growth in all divisions
  Strong recovery in the US and parts of continental Europe
  Continued expansion in Asia and Latin America
  Group continues to benefit from international scale and business diversification
 
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FY10

Annual results

Very strong cash generation and stable margins in a tough economic environment positions Group well for recovery
Financial highlights
  Revenue $3,74 billion (2009: $4,19 billion)
  EBITDA $109 million (2009: $126 million)
  Underlying* earnings per share 30,3 US cents (2009: 33.1 US cents)
  Second half underlying* earnings per share up 77%
  Net cash $186 million (2009: $36 million)
  Capital distribution per share 12 US cents (2009: 12 US cents)
Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition-related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition-related financial instruments and unrealised foreign exchange movements. 
Operational highlights
  Strong recovery in second half of financial year
  Group continues to benefit from international scale and business diversification
  All divisions have returned to revenue growth
  Very strong operational cash generation
  Continued geographic expansion; Logicalis establishes pan Asian footprint
  Increased predictability and reduced volatility in financial performance
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Interim results

Datatec Limited ("Datatec" or the "Group", JSE and LSE: DTC), the international Information and Communications Technology (ICT) group, is today publishing its unaudited results for the six months ended 31 August 2010 ("H1 FY11").
Financial highlights
  Revenue $1,8 billion (H1 FY09: $2,3 billion and H2 FY09: $1,9 billion)
  EBITDA $44,6 million (H1 FY09: $71,4 million and H2 FY09: $54,2 million)
  Underlying* earnings per share 11,5 US cents (H1 FY09: 22,5 US cents and H2 FY09: 10,6 US cents)
  Cash generated from operations: $184 million (H1 FY09: $66 million and H2 FY09: $129 million)
Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition-related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition-related financial instruments and unrealised foreign exchange movements. 
Operational highlights
  Group's scale and diversity continues to be a strong asset - providing resilience in a difficult environment
  South America, Middle East and Asia remain robust
  Signs of improvement in US and Europe in recent months
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FY09

Annual results

Financial highlights
  Revenue $4,2 billion (2008: $4,0 billion)
  EBITDA $126 million (2008: $151 million)
  Cash generated from operations ("operating cash"): $195 million (2008: $77 million)
  Underlying* earnings per share 33,1 US cents (2008: 47,3 US cents)
  Capital distribution per share 12 US cents (2008: 12 US cents)
Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition-related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition-related financial instruments and unrealised foreign exchange movements. 
Operational highlights
  Scale and diversity of the Group continues to mitigate the impact of the current economic climate
  Relative resilience in tough market
  Year of further internationalisation and business diversification
  Approximately 50% of EBITDA derived from integration, services and consulting
  Very strong performance from Logicalis in all regions – EBITDA up 57% to $57 million
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Interim results

Financial highlights
  Revenue $1,8 billion (H1 FY09: $2,3 billion and H2 FY09: $1,9 billion)
  EBITDA $44,6 million (H1 FY09: $71,4 million and H2 FY09: $54,2 million)
  Underlying* earnings per share 11,5 US cents (H1 FY09: 22,5 US cents and H2 FY09: 10,6 US cents)
  Cash generated from operations: $184 million (H1 FY09: $66 million and H2 FY09: $129 million)
Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition-related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition-related financial instruments and unrealised foreign exchange movements. 
Operational highlights
Group's scale and diversity continues to be a strong asset - providing resilience in a difficult environment
  South America, Middle East and Asia remain robust
  Signs of improvement in US and Europe in recent months
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FY08

Annual results

  Revenue up 27% to $4,0 billion
  Gross margin up 13,7%
  Operating profit up 25% to $123,6 million
  Underlying* earnings per share up 21% to 47,3 US cents
  Cash distribution to shareholders up 20% to 12 US cents
Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition-related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition-related financial instruments and unrealised foreign exchange movements. 
Operational highlights
  Major acquisitions transform Westcon’s European business and diversify product mix
  Significant second half turnaround in the performance of Logicalis US
  Creation of South American market leader with completion of $77.2 million merger for Logicalis
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Interim results

Contents of inner Accordion panel 2.
Financial highlights
  Revenue up 26% (11% organic) to $1.92 billion (2006 restated: $1.52 billion) 
  Gross margin percentage improved to 12.9% (2006: restated: 12.6%)
  Underlying* EBITDA increased by 26% to $61.0 million (2006: $48.4 million)
  Underlying* earnings per share up 35% to 18.9 US cents (2006: 14.0 US cents)
  Headline earnings per share up 8% to 16.8 US cents (2006: 15.6 US cents)
Excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, acquisition-related adjustments, profit or loss on sale of assets and businesses, fair value movements on acquisition-related financial instruments and unrealised foreign exchange movements. 
Operational highlights
  Robust growth outside the US: 57% of Group revenue now derived from outside the US
  Major acquisitions transform Westcon's European business and improve the vendor mix
  Logicalis US restructured to improve profitability
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FY07

Annual results

  Revenue up 17% to $3.2 billion (2006 restated: $2.7 billion)
  Continued margin improvement at all levels
  Operating profit* up 45% to $100 million at a margin of 3.2%
  Headline earnings per share up 52% to 40.8 US cents (2006: 26.9 US cents)
  Distribution to shareholders doubles to approximately 10 US cents
  London listing underpins acquisition programme 
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Interim results

  Revenue up 16% to $1,7 billion (2005: $1,4 billion)
  Operating profit up 44% to $43,3 million (2005: $30,1 million)
  Headline Earnings per share  up 30% to 15,65 US cents (2005: 12,02 US cents)
  Completion of London listing provides broader access to international investors
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FY06

Annual results

  Revenue up 18% to $3 billion
  Operating profit up 532% to $69 million from $11 million
  Net cash up 23% to $172 million
  Headline earnings per share up 650% to 26,9 US cents
  Cash distribution of 30 RSA cents per share (approximately 5 US cents)
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Interim results

  Revenue up 15% to $1.4 billion
  EBITDA improves to $39.5m from $10.2m
  Headline earnings per share improves to 12.0 cents from 0.1 cent
  Net cash of $112m
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FY05

Annual results

  Continuing revenue up 10% to $2.4 billion
  Operating profit improvement of $20.3 million
  Headline earnings per share improves to 4.0 cents from a loss of 6.7 cents
  Net cash at year-end up 58% to $140.3 million
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Interim results

  Revenue up 11% to $1.25 billion
  Operating profit up from $80 000 to $2.6 million
  Earnings per share of 39.98 cents up from a loss of 1.43 cents
  Headline earnings per share improves to 0.10 cents from a loss of 0.40
  Net tangible asset value per share up 19% to $2.29
  Net cash at period-end up 10% to $97.4 million
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