Totvs splits shares

- Tuesday, March 22, 2011

Totvs splits shares

Shareholders of Brazilian software firm Totvs (Bovespa: TOTS3) have approved a 5:1 stock split, according to a Totvs filing to securities regulator CVM.

The split will be effective as of Tuesday (Mar 22).

Earlier this month, Totvs opened a 3,000m2 software development center in São Paulo, to develop solutions for the company's primary vertical markets, which include healthcare, agriculture, judicial institutions, financial services, distribution and logistics, retail, education, construction, manufacturing and services.

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The company saw net profit grow 14.6% last year to 138mn reais (currently US$82.8mn), while net revenue rose 14.2% to 1.13bn reais. Ebitda increased 16.2% to 289mn reais, and Ebitda margin rose by 4 percentage points to 25.6%.