AYO Technology Solutions expects to increase headline earnings a share by between 15.4 and 35.4% for the six months to February 29. Photo: Supplied
AYO Technology Solutions expects to increase headline earnings a share by between 15.4 and 35.4% for the six months to February 29. Photo: Supplied

AYO expects surge in Heps with results imminent

By Edward West Time of article published May 26, 2020

Share this article:

CAPE TOWN - Black-owned IT group AYO Technology Solutions expects to increase headline earnings a share (Heps) by between 15.4 and 35.4percent for the six months to February 29, it said in a trading statement yesterday.

The group expected to report Heps of between 32.95cents to 38.6c per share, compared to 28.56c per share reported for the six months ended February 28, 2019.

The growth was attributed mainly to organic growth and positive contributions from recently acquired subsidiaries, the group said.

Basic earnings per share were expected to increase to between 32.84c and 38.56c a share, representing an increase of 14.8 to 34.8percent when compared to earnings per share reported for the six months ended February 28, 2019.

AYO, which has the African Equity Empowerment Investments group as its main shareholder, is finalising its interim financial results and expects to publish the results today.

The share price closed unchanged at R4.20 yesterday on the JSE.

AYO earlier this month withdrew a trading cautionary after it released the audited results for the six months to February 2019, which showed headline earnings per share increasing by 90percent to 28.56c a share, despite a challenging operating and economic environment.

AYO had released the interim 2019 results with an unqualified audit report following the release of the audit of its 2018 interims, which was completed a month before.

This was after the JSE last year requested AYO’s previous external auditors, BDO South Africa, to perform a factual findings report on the 2018 interim financial results as a result of management having identified certain amendments.

AYO also cleared its name after corporate governance allegations were raised at the Public Investment Corporation Commission of Inquiry in 2019. AYO subsequently received unqualified audited opinions from the auditors on its February 2019 interims, as well as its comparative figures for the 2018 interims.

AYO also announced that Thawt Incorporated and Crowe JHB, a member of Crowe Global with more than 750 offices in 130 countries, had been appointed as AYO’s joint external auditors from April 30.

BUSINESS REPORT 

Share this article: