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DIMENSION DATA. Software & computer services
(Financial Mail)DIMENSION DATA Software & computer services Slow road to recovery Ord price: 417c Market cap R5,6bn Div yield: 12-month high, 489c; PE ratio: 45,7. Sector PE: 20,2 Low, 350c Year Turn- Operating Pretax Headline Dividend to over profit profit earnings per share Sep $bn $m $m a share (USc) (USc) 2001 2,40 176 237 12,8 2002 2,12 41 49 2,3 2003 2,01 (15) (7) (2,7) 2004 2,37 26 37 0,9 2005 2,73 62 48 1,4 % chge 15 138 30 56 Trading vol 12-month average: 58,4m/month The group is profitable in all regions in which it operates, though growth in Europe remains problematic. Significantly, group revenue is rising at a healthy clip. Operating margin has more than doubled to 2,3%, mainly because overheads rose only 6%. Of some concern, though, is a slight decline in gross margin. Effective cost-cutting and a continued recovery in IT spending should help keep this share buoyant.
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