AYO said that it expected a significant increase in its headline earnings per share and earnings per share as compared to the previous year. File Image: IOL

CAPE TOWN – JSE-listed AYO Technology Solutions Limited said on Tuesday that it expected a significant increase in its headline earnings per share and earnings per share as compared to the previous financial year. 

In its further trading statement released on Tuesday the company said that the group expected a net profit for the financial year ending 31 August 2018 of between R142 million and R162 million, an increase of over 800 percent as compared to the prior year. 

It’s earnings per share, however, is expected to be lower than the 2018 forecast. 

On 11 September 2018, post reporting date, the company announced a significant acquisition of a company which has revenues in excess of R1 billion, strong cash flows and an earnings before interest, taxes, depreciation and amortisation (Ebitda) of R70 million. 

The company said it should be noted that, among other, the contract implementation at a multinational company which was concluded but delayed to the latter part of the financial year is going well since its commencement date. 

“On preparation for the implementation of the new contract, the company incurred certain once-off costs,” said AYO. 

“The company continues to evaluate various value creating transactions and the market will be advised when transactions are concluded.”

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