EOH profits Grow 83% Despite a Revenue tumble

Despite total revenue dropping 29% to R4.4 billion from R6.2 billion, EOH reported an improvement in headline earnings, which grew 83% during the six months to end January 2021.

During the period, customers delayed spend on large planned IT projects, particularly in the hardware space, which negatively affected revenue.

The company, which has been going through a strategic overhaul, has over time disposed of some non-core assets and dumped under-performing operations, helping to stabilise the business, the EOH’s CEO, Stephen van Coller said in the results statement on Wednesday.

It also made progress in settling five out of eight of its so-called problematic public sector legacy contracts.

The company generated a profit of R59 million after recording a loss of R915 million in the prior period.

The company said it directly benefited from digital adoption and transformation accelerated by the Covid-19 pandemic, especially in its iOCO business.

Business Insider SA

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