Altron marks completed turnaround with double-digit growth
JSE-listed technology company Allied Electronics (Altron) on Thursday posted double-digit increases across the board for the year ended February 28, 2019.
The technology company achieved a 30% increase in normalised revenue to R19.2-billion and a 24% increase in normalised earnings before interest, taxes, depreciation and amortisation (Ebitda) to R1.6-billion from its continuing operations.
During the year under review, Altron’s headline earnings a share from continuing operations increased by 50% to 179c.
“The group is tracking almost a year ahead of its goal of doubling Ebitda by year-end 2022,” said Altron CEO Mteto Nyati during the company’s financial results presentation in Johannesburg on Thursday.
“We are two years into the One Altron strategy five-year roadmap and have already surpassed our set key milestones, putting us ahead of plan by almost a year.”
Despite a tough economic climate, Altron’s South African operations posted a 15% growth in Ebitda, with investments into the rest of Africa resulting in Ebitda growth of 41%.
The group’s European operations shined with more than 80% Ebitda growth, with Bytes UK Altron’s the star performer with growth of 79%, followed by Netstar’s 19% growth and Altron Bytes Secure Transaction Solutions’ 14% growth during the year ended February.
Further, Altron’s free cash flow increased significantly to R425-million.
During the year, the group’s debt was reduced to R1.6-billion by February, from R1.94-billion last year.
A dividend of 72c a share had been declared for the year under review.
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