Altron Group has reported that continuing revenue for the financial year period ended 28 February 2023 was up by 19% to R9,5-billion, with continuing EBITDA up 2% to R1,2-billion, continuing EPS up 80% to 36 cents per share and continuing HEPS down 8% to 47 cents per share.
Continuing adjusted EBITDA was up 11% to R1,3-billion, continuing adjusted HEPS up 19% to 89 cents per share and continuing adjusted EPS up 79% to 77 cents per share.
The group’s working capital was reduced by R321-million to R1,3-billion and R974-million of cash flow was generated from the group, with free cash flow of R412 million.
In terms of net debt, EBITDA was at 0.22 times, down from 0.36 times at FY2022.
Altron approved a final dividend of 19 cents on top of the interim dividend of 16 cents. The total dividend for the year of 35 cents per share is up 17% compared to last year. The company has a strong balance sheet and remains highly cash generative with low gearing ratios, providing flexibility to pursue its growth strategy.
Altron Group CEO Werner Kapp comments: “Altron’s revenue growth of 19% demonstrates our resilience in the face of extremely tough economic conditions. As we look into FY2024, we have a clear growth strategy against which we are executing, and we are already seeing the positive results of our profit improvement strategy in our two biggest businesses Netstar and Altron Systems Integration.
“As a group, we remain focused on driving revenue growth and improving operating leverage whilst investing in our growth businesses. Customer obsession is at the core of our strategy as we partner with our customers on their digital transformation journeys, whilst also protecting them from increased cyber security risks. Despite continuing tough trading conditions, I am excited by the opportunity before us.”
Nicholas Bofilatos has resigned as group chief financial officer, having made the decision to move to the Netherlands, joining his wife who took up a job opportunity there.
Carel Snyman has been appointed as the new chief financial officer for the Altron Group. Snyman is a qualified CA (SA) with over 20 years of financial experience, including significant experience as a financial executive at Naspers, chief financial officer at MultiChoice Africa and, more recently, as the chief financial officer at Aztomix, a company he co-founded.