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CS Holdings shows 45% revenue increase

Announcing its annual results for the year ended 30 June 2001, JSE-listed IT group CS Holdings reported a 45% increase in revenue of which more than 88% is organic. According to CEO, Annette van der Laan, the company has produced exceptional results considering the drastic decline in corporate spend on IT during the past year. "We are pleased with our results despite the general downturn in the IT industry. This year has proven to be one of the most challenging and difficult years for most local and global IT and technology players, but CS Holdings has nonetheless shown exceptional growth."

"As a systems integrator and especially in the outsourcing arena, CS Holdings has gained significant market share. We have reached important milestones during the past financial year. CS Holdings has expanded its service offering considerably, especially into e-business, business intelligence, e-learning, networking and application service provision," explains Van der Laan.

During this financial year, CS Holdings acquired IT-IQ People Development, one of the largest technology education companies in South Africa. The acquisition strengthened CS Holdings' division, CS Education Solutions, and positioned it as the unquestioned leader in the South African IT training market. Van der Laan says the acquisition of IT-IQ significantly increased the company's annuity training revenue through long-term relationships with many Blue-Chip organisations.

Looking forward to the year ahead, Van der Laan is confident that the IT industry will improve dramatically. "The new financial year started with strong momentum and a high level of activity with CS Holdings acquiring Getronics SA for R41m. This acquisition and partnership is of great strategic importance to CS Holdings. It allows us, with the international backing, to render a more comprehensive and progressive service to our international clients as well as our clients with operations in Africa." The anticipated revenue contribution for the financial year ending 30 June 2002 as a result of the Getronics acquisition is estimated at more than R185m.

For further details contact CS Holdings on tel: (011) 205 7000.

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