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 about a quarter.

But its fortunes have changed since Value Capital Partners invested R400m in December 2016 and Nyati took over as CEO in April 2017. 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.

Ebitda rose 41% in the rest of Africa while the European business grew ebitda 80%, thanks to the Bytes UK business.Group net debt fell to R1.6bn from R1.9bn a year before.

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