Altron’s revenue down in latest financial results

Altron has released its financial results for the year ended 28 February 2017.

The results showed that from a total operations perspective, revenue at the group was down 26% compared to 2016 – coming in at R19.7 billion. EBITDA was up 123% compared to 2016, reaching R840 million.

Altron said headline earnings per share swung to a profit of 71c, while basic earnings per share reduced to a loss of 54c.

The company said it continues to focus on the disposal of non-core operations as going concerns, and highlighted the recent appointment of Mteto Nyati as CEO.

“While challenging trading conditions impacted the group’s performance, the group has made good progress in divesting of its non-core assets and has significantly reduced losses from these operations,” said Altron.

“In particular, the group expects to complete a number of these disposals in the new financial year – with continued focus being placed on the disposal of Powertech Transformers and Altech Multimedia.”

“The performance of the non-core assets, which predominantly operate in the manufacturing sector, were much improved from the prior year, but remain loss making and traded below expectations,” said Nyati.

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Altron’s revenue down in latest financial results