AYO Technology Solutions’s telecommunications, network solutions and workplace connectivity investments were resilient and well-positioned for growth, its directors said yesterday at the release of results for the six months to March 31.
“Following the PIC (Public Investment Corporation) settlement, AYO is optimistic about future prospects and is looking forward to creating shareholder value,” they said.
This was in spite of a banking crisis facing the group. In the six-month period, significant management time and focus went on managing the banking litigation, which had also a negative impact on the group’s ability to optimise cash on hand and return on its investments, the directors said.
Revenue increased 28% to R1 billion. The loss per share increased by 130% to 79.06 cents per share.
“As an ICT investment holding group, AYO’s focus for the next 18 months is to strengthen the underlying subsidiaries, contain costs and overcome banking challenges. AYO, with a strong balance sheet, is seeking to make strategic acquisitions,” the directors said.