EOH share price rallies after the release of half-year results

The group accredits the appointment of CFO Megan Pydigadu as part of its success.

EOH’s share price has rallied by 85 percent since its low point last Friday of R9/share. 

On Tuesday, when the group announced its six months ended 31 January 2019 results, its shares rallied more than 25 percent, extending the recovery that started on Monday when it rose by more than 14 percent. 

EOH CEO Stephen van Coller told investors that a new base had been established for the technology services group’s future growth, giving them hope for the group’s prospects. 

The report stated a loss of R3.3 billion “on the back of significant impairments”. Normalised revenue was steady at R8.2 billion, with cash on the balance sheet of almost R1 billion. 

“The period under review marks the dawn of a new era for EOH,” the report stated. “The appointment of key executive team members, including a new group CEO (Stephen) and CFO Megan Pydigadu, a revitalised strategic intent, and transparent approach, have greatly assisted the group in navigating its way through the challenges to date and to set the direction for the future.”