AYO shows promise: Interim results confirm the ICT group is back on track

ICT investment group Ayo Technology Solutions (AYO) shared its unaudited condensed consolidated interim financial results to 29 February 2024, late on Friday, with an improved performance that saw its share price increase as the market closed for the weekend.

Revenue increased marginally to R1,015 billion from R1,013 billion in the prior corresponding financial period, however, the Group managed to cut its losses by a significant 62%, to R98 million, setting it up with the prospects of a solid second half trading year.

The improvements are largely due to the Group’s embedding of its restructuring and ongoing cost containment measures under its leadership team who took over the reins a year ago.

CEO, Amit Makan, stated that: “Over the last 12 months, we have concentrated on streamlining operations, improving relationships with our partners and bolstering our underlying subsidiaries. The hard work and dedication of our entire team is beginning to reap rewards. It’s a long road ahead, but I am confident that we now have a solid offering that will deliver real shareholder value in the long term.”

AYO, a diversified ICT group with interests in managed services, software & consulting, unified communications and healthcare, also posted a normalised profit after tax of R13.6 million compared to a loss of R168.6 million in the prior six-month period ended 28 February 2023, reflecting an improvement of 108%.

The Group did not pay out a dividend in this period, electing to reinvest into its businesses.

IOL BUSINESS