This morning, EOH released its market update for the third quarter of the 2020 financial year to the market.

Despite the headwinds created by COVID-19, our Group’s financial performance has remained resilient over the last quarter, highlighting the relevance of our products and services and the value that the Group is able to deliver to our clients in an increasingly digitised world. For the quarter ending 30 April 2020, revenue did experience some downward pressure as a result of the lockdown but the Group delivered a positive EBITDA as a result of the focus by our management on costs and the elimination of unnecessary spend. The Group also saw positive cash generation from operations for the quarter.

We have also achieved our first capital repayment milestone having repaid R540 million of debt as part of a R1.6 billion deleverage plan with our lenders. This is particularly pleasing as this is in excess of the R500 million agreed with lenders and well ahead of the 31 August 2020 deadline.