Altron tracking almost a year ahead of its global of doubling EBITDA by year-end 2022
CEO Mteto Nyati says the results were underpinned by wins in the private and public sectors.
Altron announced their financial results for the year ended February 2019 on 9 May.
The technology company saw gross revenue increase by 30 percent to R19.2 billion and normalised EBITDA by 24 percent to R1.6 billion from its continuing operations.
Altron Group CEO Mteto Nyati said:
“We are two years into the One Altron strategy five-year roadmap and have already surpassed our set key milestones, putting us ahead of plan by almost a year. Our South African operations have seen EBITDA growth of 15 percent despite the tough economic climate. We bolstered our Rest of Africa operations and this investment delivered EBITDA growth of 41 percent. European operations have done well with over 80 percent EBITDA growth.”
Altron wants to continue to grow organically, but will keep looking for bolt-on acquisitions in the areas of data analytics, cloud and IoT. “These remain growth drivers for the company,” Mteto said.
The group’s best performing operations were:
- Bytes UK (EBITDA growth of 79 percent)
- Netstar (19 percent growth)
- Altron Bytes Secure Transaction Solutions (14 percent growth)
Talking about the year’s highlights, Mteto said:
“We also secured key wins in both the private and public sectors. These included, among others, Altron Nexus winning the Gauteng Broadband Network Phase 2 contract worth R2.8 billion, Altron Bytes Systems Integration awarded a R38 million data analytics contract by FNB and Bytes UK won a five-year R2.7 billion contract with the NHS.”
Altron has reduced its debt during the year, despite investing in future growth. Their net debt is down to R1.6 billion from R1.94 billion year-on-year.
The company also declared a final dividend of 44 cents per share, with total dividend for the year of 72 cents per share.
“We have successfully completed the turnaround of Altron through our continued focus on four priorities driving the One Altron strategy – employee excellence, improving profitability, transforming customer experience and revenue growth,” Nyati concluded.