Johannesburg: 11 November 2022: EOH’s recently released positive annual results for the year ended 31 July 2022 reflect a major milestone in the successful execution of EOH’s turnaround strategy.
• EOH generated a total operating profit of R282 million for the year ended 31 July 2022 following a total operating profit of R147 million for the year ended 31 July 2021, an increase of 92%;
• cash generated from operations was equivalent to 100% of operating profit;
• operating profit from the Company’s continuing operations improved 82% on a restated basis to R100 million in FY2022 from R55 million in FY2021; and
• the Company recorded an improvement of 91% in total loss per share to 15 cents for the year ended 31 July 2022 from 166 cents in the preceding year.
As announced at the recent results presentation EOH is now proceeding with an equity capital raise of up to R600 million. The net proceeds of the capital raise will enable the Group to restructure its balance sheet which will result in a fit for purpose capital structure allowing the Company to focus on its well defined growth strategy.
Lebashe Investment Group, EOH’s strategic partner since 2018, has signed irrevocable undertakings to follow its rights on the shares it currently owns, which represent 13.06% of the issued share capital, as well as invest a further R100 million through a specific share issue. The combined investment is a clear vote of confidence in EOH’s future and strategy.
EOH CEO Stephen van Coller said: “We are thrilled by Lebashe’s additional investment into EOH. Lebashe has been an
incredibly supportive partner throughout the Group’s challenging turnaround journey. It is extremely pleasing to see
our strategic partnership deepening as we shift gears to Growth.”
Please refer to the detailed SENS announcement for further details here.
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