micromega Interim profit nearly doubles

MicroMega Holdings posted an 87 percent hike in headline earnings a share to 25.72c for the six months to June and said yesterday that it was cautiously optimistic on prospects for next year. The investment holding group provides services such as occupational health and safety. Revenue rose 7 percent to R385 million. Restructuring of its core business during the half year resulted in the disposal of battery distributing subsidiary Deltec Distributors. Exiting from the automotive sector and renewed focus on service businesses led to operating margins doubling from 5 percent to 10 percent. The stock rose 14.75 percent to R3.50 yesterday. – Asha Speckman