Allied Technologies (Altech) presented a mixed bag of results for the six months ended 31 August 2011.
Although the first half of the financial year shows results below management expectations, particularly from East Africa, nearly all of the other operations performed to or above expectations, the group announced.
Adjusted headline earnings per share were 181 cents compared to 224 cents in the prior period. Net cash and cash equivalents remain positive at half-year end at R273-million. Return on shareholder’s equity and capital employed are at 15,4% and 29,1% respectively.
During the period, Altech had revenue of R4,8-billion and EBITDA before capital items of R456-million. It also concluded a number of empowerment transactions during the six months.
Altech disposed of 25% plus 1 share shareholding of it interest in Altech Alcom Motomo, Altech Alcom Radio Distributors and Altech Fleetcall, to Southern Palace Group of Companies.
Effective 1 July 2011 the group acquired the 25% shareholding of Pamodzi Investments Holdings in Altech Information Technologies, the holding company for the group’s information technology sub-group, for R37,5-million in cash.
This transaction will be followed shortly by a further vendor-financed empowerment transaction involving Altech IT and will include the recently-acquired Swisttech operation.
In March 2011 the group signed agreements to sell 25% plus 1 share of its interest in UEC’s African business to PowerMatla, Empower a Thousand and Epiworx Investment. This transaction became effective from 1 September 2011.09.28 Also effective 1 September 2011 the group acquired 100% of the issued share capital of Eyenza Mobile Money for an nominal amount.
The group signed agreements with SetOne in August 2011 to acquire 80% of the shares in the company for a maximum purchase price of Euro3,96-million.