The group also reported earnings before interest, tax, depreciation and amortisation of R527 million, an 11% gain. It is now Altron's largest contributor to headline earnings, at 42%, the first time it has achieved this, says Venter.

Venter says Bytes is seeking to grow its top line, which will aid it in benefiting from a streamlined cost structure. He says margins in its core business have improved.

Bytes will continue to look at acquisitions that will complement its current offerings, says Venter. During the year, it completed purchases of UK-based Security Partnership for £5 million, with a possible £2 million payout based on targets.

The technology group also bought Unisys Africa after year-end for R77 million. Unisys Africa is an active participant in the public sector, which Bytes anticipates, together with its newly-established government sales team, will help penetrate this market in the medium term.

Looking north

Venter says Bytes is also looking to move into Africa, piggybacking off expansions made by its clients in the retail and banking sector. He explains that while Africa is challenging, this strategy carries less risk.

Altron said last year that it aimed to double revenue from Africa, growing from a 10% contribution to 20% within five years.

Bytes has also won a contract with a big-four bank to supply NCR equipment for its three-year ATM refresh programme, says Venter. The deal covers about 5 000 devices and also includes a service and maintenance contract, he adds.