SilverBridge exceeds target earnings by 29%

SilverBridge Holdings has reported strong headline earnings per share of 30,5 cents in its maiden annual results for the 12 months ended 28 February 2007. This is 29% higher than the forecast figure of 23,6 cents per share as provided late last year by JSE AltX-listed SilverBridge in its forecast.

SilverBridge has reported revenues of R51,079 million and operating profits of R11,140 million. Net profit was R8,196 million.

"We are very pleased to be able to report such positive figures in our first period as a listed entity," says SilverBridge CEO Jaco Swanepoel. "We have delivered what we promised we would, and we will build our credibility on this principle."

The better than expected results are the consequence of a number of factors, says Swanepoel. "We were able to drive efficiencies in the business in a number of areas: we reduced costs in SDT Financial Software Solutions, the first subsidiary in our group. We also managed the expenses for the listing and came in under budget."

SilverBridge has set high expectations for the next 12 months, adds Swanepoel. "We expect shortly to conclude and announce a BEE transaction, and conclude our first acquisition."

SilverBridge listed last year through the acquisition of the Synergy cash shell on the Development Capital section of the JSE, and moving the listing to the AltX. SDT, its only operating company, is a leading supplier of software to the financial sector, particularly the insurance industry, in Africa.