EOH Holdings will probably quickly be generally known as iOCO Restricted, after the JSE-listed IT companies group’s principal working subsidiary.
Alongside the group’s annual monetary statements, which have been revealed on Wednesday, EOH advised shareholders that it intends recommending to them that they approve a proposal to vary the title at its AGM in November.
“The board of administrators of the corporate believes that the proposed title change aligns with its strategic goals and branding initiatives. The resolutions to vary the title and subsequently amend the corporate’s memorandum of incorporation might be introduced to shareholders on the AGM,” it mentioned.
EOH, which was as soon as a darling of South African buyers, nearly hit the wall a couple of years in the past after experiences of corruption within the group’s public sector dealings emerged at Zondo inquiry into state seize corruption.
A clean-up by former CEO Stephen van Coller, which included promoting among the group’s prized belongings to scale back debilitating debt, ensured it survived the fallout, albeit that the group is now a shadow of its former self, with a share value languishing at a fraction of its peak.
Now led on an interim foundation by Marius de la Rey, EOH on Wednesday reported a 3.1% decline in group income to R6-billion (-0.3% from persevering with operations). Gross revenue margins remained regular at 27.3%.
Debt
Working revenue of R112-million was down 17% however included once-off restructuring prices. Web finance prices decreased by 28% to R118-million. The group’s loss per share was -10c, and enchancment from a lack of -13c beforehand. The headline loss per share improved by 99% to -0.21c (-21c).
Group internet interest-bearing financial institution loans stood at R644-million after repaying an extra R41-million of debt in the course of the 2024 monetary 12 months. – © 2024 NewsCentral Media
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- TechCentral could have extra on the EOH outcomes afterward Wednesday
