Altron says turnaround is ‘complete’ as earnings surge

Altron’s turnaround is complete, CEO Mteto Nyati said on Thursday after the technology group said full-year earnings rose by about a quarter. The company’s market value slipped from a high of R15bn in 2007 — at the time it was more valuable than Aspen Pharmacare — to just R1.7bn in early 2016.

Nyati has focused on growing earnings, offloading the group’s manufacturing assets and reducing debt.Altron said normalised earnings before interest, tax, depreciation and amortisation from continuing operations rose 24% to R1.6bn in the year to end-February. Thanks to key contract wins in the private and public sectors, the SA business grew ebitda by 15% “despite the tough economic climate”, Nyati said.

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