EOH Holdings has advised shareholders that it anticipates an improvement of between 79% and 86% to the total loss per share (LPS) and an improvement of between 93% and 99% to HLPS for the year ended 31 July 2021.
The group has generated an operating profit between R125-million to R175-million from continuing and discontinued operations for the year ended 31 July 2021, following a R1,3-billion operating loss for the previous year.
According to a SENS statement from EOH, the 2021 financial year was characterised by the ongoing impact of Covid-19, load shedding and the devastating rioting and looting that occurred in July.
Despite this, EOH was able to achieve an operating profit between R125-million to R175-million for FY2021 compared to an approximately R1,3-billion operating loss in FY2020. The group also delivered on its strategic objectives through progress made in its disposal strategy as well as driving continued cost optimisation across the organisation.
Over the past two years, EOH has actively focused on its turnaround strategy, which was focused on credibility, liquidity and transparency. The management team has closed out inherited legacy issues, refined and revised the corporate structure and positioned the business for growth.
The group continues to closely manage its working capital and liquidity and reported a net cash balance of R537-million as at 31 July 2021. Cash generation from business as usual (before finance costs and once off legacy costs) for the full year remains positive with a significant reduction in one-off legacy costs in H2 FY2021 compared to the first six months of FY2021.
EOH will publish its results for FY2021 on or about 28 October 2021.