During the year ended 31 December 2005, Datatrak’s revenue increased by 17% to Lm1.41 million. Costs fell by 3% and for the first time since its inception, Datatrak Holdings plc registered a marginal profit of Lm3,387 ( 2004: – Lm240,617). In the Preliminary Statement of Operations the Directors noted that this turnaround occurred despite the number of one time restructuring costs, which will not be repeated in 2006. The major contributor to the turnaround in 2005 was Datatrak’s minority shareholding in Datatrak Nigeria Limited with a profit of Lm77,285.

Total equity improved by 2.1% to Lm3.3 million, translating into a net asset value per share of 20c7 and a price to book value of 1.45 times. Total assets decreased by 2.1% to Lm4.9 million while total liabilities decreased by 9.6% from Lm1.8 million to Lm1.65 million.

In the Preliminary Statement of Operations the Directors noted that during the year Datatrak MENA successfully completed the in-country survey in Africa in conjunction with Siemens with full payment being received in November 2005. Moreover, the Directors state that Datatrak MENA Limited is in an advanced state of negotiations with its African client on the Supply and Licence Agreement for the provision of datatrak networks in a number of African regions.