News Formal

Altron posts strong earnings despite discontinued operations

  • 📰 ITWeb
  • ⏱ Reading Time:
  • 37 sec. here
  • 9 min. at publisher
  • 📊 Quality Score:
  • News: 42%
  • Publisher: 51%

Altron News

Altron Group Financial Results,Gauteng Broadband Network,Netstar

The group’s R463 million investment in growth drives solid results, with revenue up 8% to R7.9 billion for the 2024 financial year.

Altron Group has achieved strong earnings for the full year, with the IT services company delivering a 46% increase in net profit after tax and a 46% increase in earnings per share.

These adjustments included R334 million relating to the restructuring of Altron Nexus due to the loss of the Gauteng Broadband Network contract and the City of Tshwane exposure, and R95 million in respect of Altron Document Solutions. A goodwill impairment was raised at Altron Group level of R33 million in relation to Altron Nexus.

Altron invested R463 million in growth capital expenditure during the period, predominantly focused on Netstar, Altron FinTech, and its systems and digital platforms to improve user experience.Annuity revenue excluding ATM Business increased 9% and now comprises 61% of total revenue. Altron Karabina delivered an increase in EBITDA of 14% to R49 million, underpinned by higher margins.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 45. in BUSİNESS
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Altron reports profit boost after selling subsidiaries, ATM businessAltron has released its annual results for the year ended 29 February 2024.
Source: mybroadband - 🏆 11. / 67 Read more »