EOH Holdings expects to lose less money in the financial year ended 31 July 2020 compared to a year ago as the IT services group makes headway in cleaning up “legacy” issues.
EOH Holdings said in an investor update on Wednesday that it turned in a “resilient financial performance” in its third fiscal quarter and that it’s returned to a stable and cash-generative position.
The JSE has publicly censured listed technology services group EOH Holdings over past financial reporting errors and imposed a R7.5-million fine – R2.5-million of which is suspended for five years.
The lead independent non-executive director of EOH Holdings has resigned from the board a year after being appointed and five months after taking the lead directorship role.
As of Monday morning’s open on Wall Street, Apple – the listed US company that’s attracted the largest valuation of them all – had a market capitalisation of $1.7-trillion.
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EOH shares rallied by almost 62% at their peak on Tuesday after it said it was making good progress in dealing with debt and was coping well through the Covid-19 lockdown.
EOH Holdings said in an update to shareholders on Tuesday that it’s weathering the Covid-19 economic storm, with its financial performance remaining “resilient” in the quarter ended 30 April.
JSE-listed technology services company EOH Holdings has appointed former Nampak CEO Andrew Marshall to its board. He joins the board as an independent non-executive director on 21 May.
Debt-laden EOH Holdings is disposing of its remaining 30% interest in Construction Computer Software in an effort to further deleverage its balance sheet.