Our opinion on the current state of METROFILE(MFL)
Metrofile (MFL) is a company specializing in records storage and management, image processing, and backup services. Listed since 1995, it has a 57.4% Black ownership, with the Mineworkers Investment Company holding 38.64% and Sanlam 5%.
The company's record management division operates 52 facilities across 27 locations, offering over 100,000 square meters of office and warehousing space. A US-based firm, Housatonic Partners, made an offer to buy 100% of Metrofile at 330c per share but delayed the transaction due to COVID-19, awaiting financial results and market stability before proceeding.
In its results for the six months to 31st December 2024, Metrofile reported revenue down 7% and headline earnings per share (HEPS) down 38%. The company said, *"Revenue decreased by 7% to R537 million (1HFY2024: R577 million), mainly due to the reduction in product sales following the exit of the Tidy Files manufacturing operation. Excluding the Tidy Files contribution, revenue was up by 4%, mainly due to growth in secure storage and cloud services."*
While Metrofile remains a high-quality small business, it is facing challenges in a difficult economic climate. Technically, the share appears to be in a new downward trend. On 5th September 2024, the company announced that CEO Pfungwa Serima would resign, effective 30th September 2024, and be replaced by Thabo Seopa.
The company's record management division operates 52 facilities across 27 locations, offering over 100,000 square meters of office and warehousing space. A US-based firm, Housatonic Partners, made an offer to buy 100% of Metrofile at 330c per share but delayed the transaction due to COVID-19, awaiting financial results and market stability before proceeding.
In its results for the six months to 31st December 2024, Metrofile reported revenue down 7% and headline earnings per share (HEPS) down 38%. The company said, *"Revenue decreased by 7% to R537 million (1HFY2024: R577 million), mainly due to the reduction in product sales following the exit of the Tidy Files manufacturing operation. Excluding the Tidy Files contribution, revenue was up by 4%, mainly due to growth in secure storage and cloud services."*
While Metrofile remains a high-quality small business, it is facing challenges in a difficult economic climate. Technically, the share appears to be in a new downward trend. On 5th September 2024, the company announced that CEO Pfungwa Serima would resign, effective 30th September 2024, and be replaced by Thabo Seopa.
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