September 10, 2009
By Roy Cokayne
DigiCore Holding, the JSE-listed hi-tech fleet management and vehicle tracking company, will introduce a state-of-the-art integrated fare collection system for minibus taxis in North West before the end of the year.
The system would then be rolled out to the rest of the country, DigiCore chief executive Nick Vlok said yesterday.
He said the system complied with requirements set by the Reserve Bank, the Department of Transport and the global standard for wireless smartcard payments.
It is capable of fulfilling the initial government requirement for the taxi recapitalisation programme for an electronic ticketing system that commuters could use on taxis, trains and buses.
"It will be capable of doing that, and this is part of the longer-term plan, which is why it was important to have the Reserve Bank and Department of Transport approval," he said.
DigiCore partnered with major players in the banking and payment industry to develop a complete end-to-end system, but it had developed all the onboard equipment for supply to its operating firm.
Vlok said that the initial rollout in the North West was expected to involve the installation of about 12 000 units over a six- to 12-month period, after working on the project for the past four years.
Yesterday the company reported that its financial performance in the year to June was knocked by the downturn in the global economy, the volatility of the rand, the tender process in South Africa coming to a halt before and after the general election and the severe tightening by banks of credit supply.
Diluted headline earnings a share fell 41 percent to 35.5c from 60.5c in the previous year.
A 16 percent reduction in turnover to R576 million from R685m in the previous year contributed to the 45 percent decline in operating profit to R113m from R204m.
Vlok said a marginal increase in sales had a substantial effect on operating profit and DigiCore experienced the reverse of this in the past year when a relatively small reduction in sales had a disproportionate effect on operating profit.
Vlok said the performance of C-Track SA, comprising mainly the stolen vehicle recovery business, was particularly pleasing, with sales rising 22 percent.
He said all of DigiCore's divisions were profitable and it had not retrenched any skilled staff, but employed 18 more research and development engineers to enhance the group's hardware and software development capacity.
The volatility of the rand during the year resulted in an unrealised foreign exchange loss of R5m for the year.
A full year dividend of 10c a share was declared, 47 percent lower than last year's 19c.
The shares shed 3.65 percent to R3.70 on the JSE yesterday.
September 10, 2009
By Roy Cokayne
DigiCore Holding, the JSE-listed hi-tech fleet management and vehicle tracking company, will introduce a state-of-the-art integrated fare collection system for minibus taxis in North West before the end of the year.
The system would then be rolled out to the rest of the country, DigiCore chief executive Nick Vlok said yesterday.
He said the system complied with requirements set by the Reserve Bank, the Department of Transport and the global standard for wireless smartcard payments.
It is capable of fulfilling the initial government requirement for the taxi recapitalisation programme for an electronic ticketing system that commuters could use on taxis, trains and buses.
"It will be capable of doing that, and this is part of the longer-term plan, which is why it was important to have the Reserve Bank and Department of Transport approval," he said.
DigiCore partnered with major players in the banking and payment industry to develop a complete end-to-end system, but it had developed all the onboard equipment for supply to its operating firm.
Vlok said that the initial rollout in the North West was expected to involve the installation of about 12 000 units over a six- to 12-month period, after working on the project for the past four years.
Yesterday the company reported that its financial performance in the year to June was knocked by the downturn in the global economy, the volatility of the rand, the tender process in South Africa coming to a halt before and after the general election and the severe tightening by banks of credit supply.
Diluted headline earnings a share fell 41 percent to 35.5c from 60.5c in the previous year.
A 16 percent reduction in turnover to R576 million from R685m in the previous year contributed to the 45 percent decline in operating profit to R113m from R204m.
Vlok said a marginal increase in sales had a substantial effect on operating profit and DigiCore experienced the reverse of this in the past year when a relatively small reduction in sales had a disproportionate effect on operating profit.
Vlok said the performance of C-Track SA, comprising mainly the stolen vehicle recovery business, was particularly pleasing, with sales rising 22 percent.
He said all of DigiCore's divisions were profitable and it had not retrenched any skilled staff, but employed 18 more research and development engineers to enhance the group's hardware and software development capacity.
The volatility of the rand during the year resulted in an unrealised foreign exchange loss of R5m for the year.
A full year dividend of 10c a share was declared, 47 percent lower than last year's 19c.
The shares shed 3.65 percent to R3.70 on the JSE yesterday.