JSE-listed technology group Altron has reported a 37.8% increase in headline earnings per share (Heps) from continuing operations on the back of a 5.7% improvement in revenue for the year ended 28 February 2022.
In the final set of results delivered by outgoing CEO Mteto Nyati, who leaves Altron in June, the group reported Heps of 51c and revenue of R7.9-billion (R8.3-billion if cloud-based sales and related licences are included) from continuing operations. Operating income rose by 34.2% to R498-million, while working capital fell by R35-million.
The final dividend paid (excluding special and other dividends declared in the previous financial year related to the disposal of Bytes UK) doubled to 30c/share.
Contributors to the good performance included the turnaround of Altron Karabina and Altron Managed Solutions (AMS), “exceptional performance” at Altron Arrow, and cost reductions at the corporate centre.
“Our net working capital slightly improved on the previous year, in an environment where we tactically increased inventory in Altron Arrow, Altron Fintech, AMS and Netstar to counter global component shortages,” said Nyati in notes alongside the results.
Netstar’s revenue of R1.7-billion was a 7.8% increase from the prior year. Supported by a strong performance in Australia, the South African business continued to “stabilise operational issues that have placed pressure on its subscriber churn rates. As a result, Netstar South Africa has seen consistent net subscriber growth since June 2021,” Altron said.
Altron FinTech’s revenue of R854-million exceeded the prior year by 4.5% while operating income of R193-million increased on the prior year by 43%. “This profitability has been aided by adding two new insurance products, funeral cover and credit life, and short-term bridging financing for our customers in the micro-financing space.”
Altron HealthTech grew revenue by 2.9% to R323-million. “With the investment into its new platform, Altron HealthTech will be able to capture the next generation of medical practitioners, which has been a challenge due to the current ageing technology and offerings,” said Altron. – © 2022 NewsCentral Media