JSE-listed IT services group iOCO expects to report a further improvement in earnings for the six months to end-January 2026, further putting its historical debt and governance challenges behind it.
It said on Tuesday in a trading update that earnings per share and headline earnings are both expected to be between 27c cents and 30c/share.
This is an increase of between 42% and 58% over the EPS and Heps of 19c for the comparable six months a year ago.
It said the results reflect the “early benefits” of implementing its three-step strategy of cost rationalisation, a decentralised operating model and disciplined capital allocation.
“These actions are positioning iOCO for sustainable long-term growth and further enhancing shareholder value,” it told investors.
iOCO was at risk of collapse after becoming embroiled in state capture corruption scandals when it was known as EOH Holdings. For the year ended July 2025, Ebitda – earnings before interest, tax, depreciation and amortisation – rose 68% to R516-million, while operating profit surged 275% to R421-million.
The company swung to positive headline earnings per share for the first time in three years.
Share buybacks
Its financial results announcement for the six months ended 31 January 2026 will be released on 18 March.
It also advised shareholders that it repurchased an additional 2.9 million shares between 30 January and 27 February 2026. The total value of the shares is R12.35-million, excluding transaction costs.
Since 1 August 2025, the company has cumulatively repurchased 9.38 million shares, at a total cash value of R38.82-million, which represents about 1.5% of its issued share capital.
Read: Dennis Venter resigns as iOCO co-CEO
“The board is satisfied that the repurchase is an appropriate capital allocation decision at this stage of the group’s turnaround, supported by the company’s solid liquidity position. The repurchase enables the group to optimise its capital structure and deliver enhanced value to shareholders, while ensuring continued capacity to invest in operational and strategic initiatives,” the trading statement said.
Last month, Dennis Venter resigned as co-CEO and board member of iOCO to pursue his other business interests.
He was appointed as co-CEO alongside Rhys Summerton in February 2025, replacing interim CEO Marius de la Rey.
Read: iOCO goes desert storming with Saudi Arabia cloud expansion
They had joined the board of the group, which was still then EOH, as non-executive directors in May 2024, where they played a central role in the company’s restructuring committee before stepping into the executive leadership roles. — © 2026 NewsCentral Media
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