EOH Holdings shares climbed 9.4% on Thursday after it provided an upbeat assessment of its turnaround plan and pointed to improved financial results.
climbed 9.4% in Johannesburg on Thursday after the IT services group provided an upbeat assessment of its turnaround plan and pointed to improved financial results.
“EOH’s operating environment continued to improve, resulting in operating profit covering all interest, tax, once-off items and legacy payments, [and it] achieved a positive total earnings per share and total Heps – reflecting a major milestone in the successful execution of the turnaround strategy,” it said.The group will report it generated interim operating profit of between R150-million and R180-million from continuing and discontinued operations, compared to R76-million a year ago.
EOH had a cash balance on 31 January of R625-million, including foreign and restricted cash in entities held for sale . It had undrawn overdraft facilities of R250-million. With the imminent disposal of Sybrin – as part of its advanced process to reducing its legacy gearing issues – EOH will have repaid R360-million in debt since the end of January.
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