CAPE TOWN – AYO Technology Solutions, which is defending legal action by the Public Investment Corporation (PIC), lifted headline earnings per share by 11 percent to 53.53 cents off the back of a 207 percent rise in revenue to R1.9 billion in the year to August 31.
The broad-based black empowerment information and communication technology group, one of the largest in the country and which is controlled by Sekunjalo Investments-owned Africa Equity Empowerment Investments, said on Friday that work on a contract with a multinational company that started in July, and two acquisitions, Sizwe IT and SGT Solutions, had significantly boosted revenue.
A dividend of 16 cents per share was declared. AYO has paid out R221 million in dividends since listing in December 2017.
AYO‘s challenges in the past year included dealing with governance allegations made during the PIC Commission of Enquiry that resulted in the re-auditing of the 2018 and 2019 interim results, and receiving a summons from the PIC seeking to declare a share subscription agreement invalid, which was being opposed by the group.
AYO’s management disclosed details of the R4.3 billion that was raised at the listing.