Altech still making progress
Allied Technologies (Altech) said on Friday that despite the current adverse economic conditions and challenges, the group continues to make progress, after showing growth of 11% in revenue and 15% in adjusted headline earnings per share for its last financial year ended February 2009.
“In adverse general market circumstances, the Altech group benefits, in particular, from its high proportion of annuity income, amounting to over 79% of total revenue, as well as its continuing emphasis on margin improvement, costs, working capital and cash flow,” it said in a business update.
“Revenue and operating profits have increased as a result of good performance from operations combined with the benefit of recent acquisitions,” it added.
Exciting opportunities for growth in the broadband and value-added network services sectors in East Africa are expected to add to Altech’s solid performance, it concluded.
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