February 16, 2018

Productive Business Solutions Limited (PBS) for the year ended December 31, 2017, reported a 1% increase in revenues from US$171.13 million for the 2016 period to US$171.99 million in 2017.

Direct expenses recorded a decline to close the period at US$98.09 million when compared to US$100.36 million for the same period of 2016. As such, gross profit for the year improved 4% to US$73.89 million (2016: US$70.776 million). Other income contracted 38% to close at US$666,000 relative to $1.07 million in 2016.

Selling, general and administrative expenses amounted to US$68.13 million (2016: US$66.70 million), 2% more than that reported in 2016. As such, operating profit improved 25% to total US$6.43 million relative to the US$5.14 million in 2016.

Finance costs increased 37% to total US$9.35 million relative to US$6.80 million in 2016. As such, loss before taxation amounted to US$2.92 million relative to a loss of US$1.66 million in 2016.

After taxation of US$1.96 million (2016: US$1.60 million) the company reported a net loss of US$4.87 million relative to US$3.26 million in 2016. Net loss for the quarter amounted to US$1.74 million compared to a loss of US$2.19 million relative to corresponding quarter of 2016. Total Comprehensive Loss for the period attributable to shareholders was US$5.09 million relative to US$3.92 million reported the prior year.

For the year the company reported a loss per share (LSP) of US$0.040 (2016: US$0.026). the loss per share for the fourth quarter amounted to US$0.0143 (2016: US$0.020). The stock price closed trading on February 15, 2017 at US$0.555.

 Balance Sheet at a glance:

As at December 31, 2017, PBS had total assets totalling US157.85 million (2016: US$138.32 million). This represents an increase of 14%, and is main attributed to a 19% growth in trade and other receivables to US$43.85 million (2016: US$36.72 million).

Shareholders Equity amounted to $US37.94 million (2016: US$30.99 million) with a book value per share of $US0.302 (2016: $0.25).