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.
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EOH Holdings is poised to slash employee salaries by as much as 20% in an effort to stave off a potential Covid-19 lockdown-induced crisis at the JSE-listed IT services group.
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.
In a pre-closing update ahead of the publication of the group’s interim financial results for six months to end-January 2020, EOH signalled that it’s slowly turning the corner, operationally at least.
EOH has blacklisted 50 “enterprise development” partners and intermediaries and reported suspected criminal behaviour to authorities for investigation and possible prosecution as it continues a clean-up of its operations.