Media reacts positively to EOH’s 2021 interim results

Top media journalists interviewed Stephen van Coller and Megan Pydiagadu to discuss their recent progress and first operating profit under the new management team. You can read / watch / listen to the interviews below.

Classic FM Interview
EOH Results

Business Day
EOH overhaul turns R1bn loss into operating profit

Highlights

  • In a sign that the once must-have in fund managers’ portfolios is on a comeback trail, EOH has posted an operating profit for the first time since founder Asher Bohbot resigned as chair in the wake of graft allegations that struck its finances and tarnished its reputation.

EOH turns its focus to growth after getting debt under control

Highlights

  • EOH, the technology group said on Tuesday it would start focusing on its growth plans later in 2021, now that efforts to repair its balance sheet have largely been completed.
  • The company was the darling of the stock market before the revelations of dodgy public-sector contracts emerged about three years ago.

Business Report
EOH manages to reduce its half-year loss by more than 80%

Highlights

  • EOH HOLDINGS yesterday said it had managed to reduce its half-year loss by 83 percent as it continued to clean up an image tarnished by problematic legacy contracts that almost brought the company to its knees.
  • The information technology group said it made significant progress in closing out the contracts and five of the eight that were in the public sector had been settled.

Daily Maverick
Interim results: EOH revenue is down — but the technology services group has delivered better-quality earnings

Highlights

  • EOH says it has made progress in returning the technology services group to sustainability after disposing of non-core assets, exiting underperforming operations and cutting debt.
  • While that has also reduced revenue, it says it delivered better-quality earnings for the six months to end January.

TechCentral
EOH cuts 1 566 jobs, says worst of bloodletting now behind it

Highlights

  • EOH Holdings has reduced its headcount by 1 566 employees in the past six months, mainly through selling or closing non-core and non-performing businesses, as it streamlines its operations and further reduces debt.
  • The IT service group said its headcount fell by 878 people in the six-month period as a direct result of selling businesses identified as non-core.

EOH revenue plunges 29% on disposals, but margins improve

Highlights

  • EOH Holdings said on Wednesday that its six-monthly revenue, for the period ended 31 January 2021, fell by 29% year on year, mostly due to the disposal of businesses, and said legacy public-sector contract problems are now “under control”.
  • Though still loss-making, EOH appears to be on the path to profitability, reporting an 83% improvement in its headline loss per share to 60c, from a loss of R3.50 previously.

 

Tech Financials

Tech Firm EOH Narrows Headline Loss as Turnaround Plan Starts to Pay Off

Highlights

  • EOH turnaround plan is slowly starting to pay off as the JSE-listed technology group narrows headline loss for the six months ended 31 January 2021.
  • The company said total headline loss per share (HEPS) improved by 83%, with losses narrowing from 350 cents per share to 60 cents per share. HEPS is South Africa’s main profit gauge.

 

MyBroadband

EOH doing better despite revenue decline

Highlights

  • EOH released its unaudited results for the six months to 31 January 2021 which showed an operating profit of R59 million – a big improvement over the R915 million loss in the prior period.
  • The most striking figure in the results is a revenue decline of 29% from R6.194 billion to R4.376 billion.

 

BusinessTech

EOH interim financials point to progress

Highlights

  • Technology services company EOH on Wednesday (14 April) published its unaudited results for the six months ended January 2021, showing an operating profit of R59 million, up from a prior R915 million loss.
  • Revenue, however, declined 29% to R4.376 billion from R6.194 billion before. EOH chief executive officer, Stephen van Coller said that the decline is a result of the strategic disposal of non-core assets and exit of under-performing businesses.

 

Moneyweb

EOH’s interim revenue falls 29%

Highlights

  • EOH Holdings said on Wednesday that its six-monthly revenue, for the period ended 31 January 2021, fell by 29% year on year, mostly due to the disposal of businesses, and said legacy public-sector contract problems are now “under control”.
  • Though still loss-making, EOH appears to be on the path to profitability, reporting an 83% improvement in its headline loss per share to 60c, from a loss of R3.50 previously.

 

IT Web

Jobs carnage at EOH as over 1 500 retrenched

Highlights

  • EOH reduced employee headcount by over 1 500 in six months ending January.
  • This morning, the JSE-listed technology services firm announced its interim results for the six months ended 31 January, attributing the jobs bloodbath to asset disposals and contracts not being renewed.

 

BizNews

EOH streamlines operations as loss narrows

Highlights

  • Embroiled information and technology services company EOH announced its interims for its half-year ended January, with the once-high flying darling of the JSE implementing its turnaround strategy.
  • Under the leadership of Stephen Van Coller, EOH has managed to streamline its operations ensuring the long-term sustainability of the business.

 

IT Online

EOH posts operating profit

Highlights

  • EOH has reported continued financial improvements for the six months ended 31 January 2021.
  • The revenue of R4 376-million saw a decline, mainly attributable to disposals and legacy contracts. But gross profit margin increased to 27,6% from 24,2% in the prior period.

 

 

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