MIS cheers double-digit growth

Although weakening pound hits security integrator's South African parent

Coining it in: The fall of Sterling against the Rand wiped out MIS' sales rise

VAR MIS-CDS has proved there is still good growth to be had in the security market as it achieved an 11 per cent rise in half-year sales.

Check Point, Websense and Juniper partner MIS is now part of Johannesburg-listed IT security group SecureData Holdings, which yesterday posted its unaudited interim results for the six months to 31 January.

MIS generated 36 per cent of the total, although Sterling’s sharp decline against the Rand meant its revenues actually dropped back by 12 per cent when converted into the South African currency.

However, in Sterling terms, MIS’ sales leapt by 11 per cent year on year to £6.29m. EBITDA for the period rose by 32 per cent to £443,000.

SecureData generates the lion’s share of its revenues from African distribution arm SecureData Africa, but indicated it was happy with its smaller UK reseller business, which it bought in 2008.

“Management is confident that MIS-CDS will continue to show improving margin and earnings performance in the coming period despite ongoing economic uncertainty in the UK,” it said.

Due to MIS’ drop in sales, SecureData saw total revenues drop by five per cent year on year to R220.2m. EBITDA rose 26 per cent to R24.2m.