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Altech bucks downward trend

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Altech has again bucked market trends with H1 results showing a 13% increase in revenue to R4,5-billion, operating profit up 34% to R409-million and headline earnings per share rising 19% to 261cents.

Altech CEO, Craig Venter says the company’s continued strong balance sheet and net asset value of 1 974 cents underpinned the group’s expansion strategy, with notable progress in several areas having been made during the half-year, particularly in Africa.
“One of the key developments of the period was the ruling by the Pretoria High Court on 29 August in favour of Altech, entitling the group to have its existing valued-added network services (VANS) licence converted into an individual electronic communications network service (I-ECNS) licence," Venter says. “Although the Minister of Communications has subsequently brought an application for leave to appeal the decision, which Altech will be opposing, Altech feels not only vindicated to have been pioneers in attempting to break competitive ground in what has long been a closed playing field, but is also confident that the ruling will be upheld”.
He adds that one of the highlights of the period is Altech’s significant growth despite the current economic conditions, as the group remains focused on its global expansion strategy.
“Altech has achieved excellent results despite the fact that both local and international economic trends have been depressed and turbulent," he says.