Technology group Alviva Holdings reported a slump in earnings for the six months ended 31 December 2019 due to woes in its ICT distribution segment, a change in accounting rules and foreign exchange losses.
While big technology shares in the US have continued to hit new highs in 2020 – among them, Microsoft, Apple, Amazon, Google and Nvidia – JSE-listed IT companies have had a torrid start to the new decade.
It’s been a grim start to 2020 for some South African-listed technology companies, which have seen their shares battered on weak earnings updates and negative investor sentiment.
Shares in software services company Adapt IT plunged 20% on Monday after it warned shareholders after markets closed on Friday that its interim earnings would take a beating.
Shares in technology distribution group Alviva Holdings tumbled more than 25% in intraday trading in Johannesburg on Friday after it shocked investors with a profit warning.
Promoted | TechCentral speaks to Traci Maynard, an executive at technology distributor Axiz, about the important of ethical leadership and good corporate governance in South Africa’s IT industry.
Shares in Alviva Holdings rose almost 5% on Monday after the technology group reported full-year revenue up 17% to R15.9-billion. Headline earnings per share climbed 9% to R2.97.
JSE-listed technology group Alviva Holdings said on Friday that has reached an agreement to acquire 70% of business software specialist Synerg Group.
Despite South Africa’s economic malaise, technology distribution and services group Alviva Holdings has increased headline earnings per share by 12% for the year ended 30 June 2018.
Meet the CEO is a weekly feature on TechCentral. The aim is to introduce our readers to the people behind the news by providing insights into the leaders shaping South Africa’s ICT industry. Our latest interview in the series
