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Altron posts strong earnings despite discontinued operations

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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.

 

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