Courteville declares N250.6m PBT from N822 Revenue for H1 2015

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Courteville declares N250.6m PBT from N822 Revenue for H1 2015

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Courteville Business Solutions Plc. a leading indigenous provider of information technology, consulting, and business process outsourcing services, today announced its unaudited results for the half year ended June 30, 2015, with revenues of N822.2 million, an increase of 1.9 percent over the same period last year.

The company declared pre-tax profit of N250.6 million against N256.8 million in the first six months of last year. Profit after tax stood at N210.5 million in comparison with N215.7 million reported in the second quarter of 2014.

Speaking on the results, Mr. Adebola Akindele, Group Managing Director of Courteville Business Solutions said:

“We are pleased to report our financial results for the half year. Courteville Business Solutions delivered consistent financial performance in our business process outsourcing platforms such as AutoReg, which handles registration for eight out of every ten vehicles on Nigerian roads. We also recorded over 30 percent growth on Egole, our e-commerce portal. These serve as proof that Courteville’s demand environment is resilient through the business cycle.

The results were achieved in a difficult and volatile economic environment driven by the drop in oil prices, a depreciating naira, and uncertainty in the run-up to the general elections. In consequence, consumer spending dampened, and business confidence declined, while government budgets underwent deep cuts.

These events validate our Board’s foresight in instituting a 5-year strategy (2013-18) centred on diversification, and international expansion to mitigate the risks of a single economy exposure. The decision was also informed by the need to earn foreign exchange income.

We are happy to report that in the last six months, Courteville successfully completed the bolt-on acquisition of Priority Loss Adjusters Limited (PLA), a market leader in motor vehicle administration and testing in Jamaica. PLA gives Courteville a foothold in the booming Caribbean region.

Courteville will also begin operations in Zimbabwe in August 2015 through the introduction of its Insurance Policies’ Database solution in one of Africa’s fastest growing insurance markets. Zimbabwe will serve as a launch pad for Courteville’s expansion in the South African Development Community (SADC), and East Africa.”

Akindele added that:

“During the period under review, Courteville was listed in the Great Place to Work® Nigeria roll of honour outperforming its peers in the local and global ICT and professional services industries respectively. We take special pride in providing employees a conducive work environment that fosters respect, self-development, and service. This ensures their commitment to the company’s goals and values.

Clients turn to Courteville in increasing numbers to help them simplify, optimize and automate their operations, whether it is through new utility delivery models or integrated end-to-end solutions.  They recognize that Courteville’s expertise enables them bring digital solutions faster to the market, so that they can maximize their opportunities.

Looking ahead to the remainder of the year, we are optimistic about an improvement in the prevailing business conditions. Courteville will remain focused on further differentiating our proprietary capabilities, capturing new growth opportunities, and delivering sustainable value to our clients and our shareholders.”


FINANCIAL HIGHLIGHTS

Income Statement

  •          Revenue rose 1.9% to N822,174,203 (H1 2014: N806,699,901)
  •          Cost of Sales fell 19.1% to N308,189,792 (H1 2014: N381,068,718)
  •          Gross Profit climbed 20.8% to N513,984,411 (H1 2014: N425,631,183)
  •          Operating Cost increased 25.0% to N248,017,001 (H1 2014: N198,402,947)
  •          Operating Profit grew 14.7% to N320,125,817 (H1 2014: N279,105,051)
  •          Profit before Tax reduced 2.4% to N250,632,063 (H1 2014: N256,763,217)
  •          Profit after Tax decreased 2.4% to N210,530,932 (H1 2014: N215,681,102)
  •          Total Comprehensive Income reduced 2.3% to N210,820,037 (H1 2014: N215,681,102)
  •          Basic EPS dropped 2.3% to 5.93 kobo (H1 2014: 6.07 kobo)

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