23 December 2005
	VCM: computer hardware ZAPTRONIX By Michael Coulson

Back in growth mode Ord price: 11c 12-month high, 58c; Market cap R41,7m Low, 6c Year to Apr 30 Turnover Rm Operating profit Rm Pretax profit Rm Headline earnings per share (c) NAV per share (c) 2002 9,1 (10,0) (23,5) (6,9) 5 2003 2,2 (11,3) (11,0) (4,5) 0,5 2004 3,2 (2,4) (2,6) (1,3) (0,3) 2005 2,1 0,02 0,05 0,03 (0,1) *Aug 05 28,3 4,4 4,0 0,3 0,6 Trading vol 12-month average: 2,27m/month © Financial Mail *16 months. The acquisition of DuO Solutions necessitated the change in financial year-end and means that comparisons with previous periods are of little value. But these figures appear to be ahead of the forecast made in the offer documents in September. Zaptronix says the growth in operating cash flows, from R0,3m in FY2004 to R2,9m, is the best indication of the impact of the DuO acquisition. Zaptronix is now trading under another cautionary relating to a further possible acquisition, which it hopes to finalise soon. 23December2005