CWG Plc turnover plunges to ₦8 billion in 2017

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CWG Plc formerly Computer Warehouse Group has released its financial statements for the year ended December 2017. The report shows its revenue plummeted from ₦10.2 billion in 2016 to ₦8.8 billion in 2017.

This is a negative performance from one of the country’s biggest IT services companies given that it made a pre-tax profit of ₦142 million in 2016 compared to a pre-tax loss of ₦1.5 billion in 2017.

Recall that the Board of Directors of the IT group had earlier hinted at a decline in performance and its earnings noting that the preliminary review of the annual report and accounts for the year ended December 31, 2017, revealed that estimated earnings and year-end financial targets  “will be materially lower in comparison to prior year financials”.

The board noted that the reduction in earnings is as a result of losses incurred due to the financial cost implications of non-actualised projects which have adversely affected the company’s estimated earnings and year-end projections.

CWG Plc formerly Computer Warehouse Group Plc was incorporated in Nigeria as a Private limited liability company on 1 February 2005 and became a public limited liability company on 15 November 2013. The group is primarily engaged in the supply, installation, maintenance, and support of hardware, software, consultancy, communications and managed services.

Here is a copy of the result