iOCO steps up share buybacks as turnaround momentum builds

JSE-listed technology group iOCO is stepping up its share repurchase programme, acquiring a further 2.34 million ordinary shares between 29 November and 31 December 2025, at prices between R3.98 and R4/share.

The total value of the latest buybacks was R9.4-million, excluding transaction costs. The repurchased shares are being held as treasury shares.

Since the programme began on 1 August last year, the company has bought back 4.29 million shares, representing about 0.7 % of its issued share capital, and currently holds 6.38 million shares in treasury.

The board said it believes the repurchases are in the best interests of the company and shareholders, while retaining financial flexibility to pursue strategic goals. It confirmed that after the repurchase:

• It will continue to be able to pay its debts in the ordinary course of business;
• Assets will remain greater than liabilities;
• Share capital and reserves will be adequate for normal business purposes; and
• Working capital will remain sufficient for ongoing operations.

Turnaround plan

iOCO has also confirmed that it has passed the solvency and liquidity test, and no material deterioration of its financial position has occurred since that assessment.

The repurchases were executed on the JSE order book, without any prior arrangement with counterparties, and were funded from iOCO’s available cash resources.

This latest repurchase comes as iOCO’s turnaround plan gathers momentum, too.

In its 2025 financial year, which ended in July, iOCO reported a return to profitability, with headline earnings per share of 40c – a marked improvement from a loss in the prior year. The group also generated strong cash flow from operations of R566.6 million, significantly up on the year before, and saw several other key metrics improve, including a 68% increase in adjusted earnings before interest, tax, depreciation and amortisation, and a 275% jump in operating profit.

These results follow years of restructuring for the business – formerly known as EOH Holdings – after historic governance issues and debt challenges eroded profitability and investor confidence.

Read: iOCO seeking out-of-court settlements with former executives

As part of its capital allocation priorities, iOCO has signalled that share buybacks will sit alongside balance sheet optimisation and potential acquisitions – a shift from recent years when asset disposals were a key lever to reduce debt. Management has indicated it is targeting acquisitions that complement its existing technology offerings and unlock new revenue streams in high-growth areas.  – © 2026 NewsCentral Media