Convergence Partners investee, Dimension Data, which was delisted about a year ago, after being bought out by Japan-based NTT in a R24.2 billion deal, reported double-digit top line growth for the year to September.
The company says revenue grew 14.8%, to $5.79 billion, from $4.74 billion for the 2010 financial year. It also reported double-digit operating profit growth of 10.8%.
Dimension Data recently released its quarterly results, reflecting strong revenue growth of 4.7%, to $1.46 billion, in the quarter to June 2011.
So far, for the first nine months of the year, group revenue is up 13.4% in constant currency to $4.2 billion. Product sales improved by 13.1% and services grew 13.6% year-on-year. Dimension Data explains growth would have been higher in reported US currency due to the dollar’s relative weakness during the first nine months of the year. Overall, group operating profit for the nine months improved 14.2%, to $203.7 million.
After being listed on the JSE for the past 23 years, today marked the final day of trading of Dimension Data shares. However, Didata exited on a high note with it reporting strong full year results for 2010.
The Dimension Data group, which is being acquired by Japan’s Nippon Telegraph and Telephone (NTT) Corp, reported a 9,9% increase in sales in constant currency terms in the 2010 financial year to September. The company reported revenue growth of 19,4% to US$4,74bn, due in part to currency gains.
Dimension Data shareholders have voted overwhelmingly in favour of Nippon Telegraph and Telephone’s (NTT’s) £2.1 billion offer, with shareholders owning 93.42% of DiData shares accepting the deal. With the approval phase of the transaction now complete, Convergence Partners looks forward to an exciting new era for Dimension Data, especially in the fast growing African market.
On 15 July 2010, Nippon Telegraph and Telephone Corporation (“NTT”) Dimension Data Holdings plc (“Dimension Data” or “DiData”) announced that they have reached agreement on the terms of a cash offer to be made by NTT for 100% of Dimension Data. The offer, totalling approximately GBP 2.1 billion (R24.4 billion), was unanimously recommended by both Boards of Directors. Andile Ngcaba, Chairman of Dimension Data’s Middle East and Africa business (“DDMEA”), as well as of its minority shareholder Convergence Partners, is excited about the deal and how its positions DiData in his region. “With access to the resources, products and R&D of the NTT Group, DDMEA is better positioned than ever to grow its presence and capitalise on new and fast growing market opportunities, such as cloud computing. The deal is great for the country and the company”.
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