AYO Technology Solutions’ Revenue Surges 28% but Losses Mount in H1 2023

By Lethabo Ntsoane
  • AYO Technology Solutions Limited reports a 28% increase in revenue to R1 billion for the six months ended February 2023.
  • The company experiences a significant rise in losses, with a 203% increase in loss before tax to R258 million.
  • Earnings per share show a 130% increase in losses, reaching 79.06 cents per share, while headline losses per share rise by 125% to 79.13 cents per share.

AYO Technology Solutions Limited (AYO), a prominent technology company based in South Africa, announced its unaudited condensed consolidated interim financial results for the six months ending on 28 February 2023. The company experienced a notable 28% increase in revenue during the period but also faced increased losses.

AYO reported a revenue surge of 28%, reaching R1 billion compared to R792 million in the prior corresponding financial period. Despite this positive growth, the company suffered a loss before tax of R258 million, a significant increase of 203% when compared to the R85 million loss in the previous corresponding period.

Earnings per share followed a similar trend, with a 130% increase in losses per share from 34.31 cents to 79.06 cents in the prior corresponding financial period. Furthermore, headline losses per share rose by 125% to 79.13 cents per share from 35.09 cents per share in the same period.

The board of directors of AYO Technology Solutions Limited assumes responsibility for the short-form announcement, reminding investors and shareholders that this summary does not provide all the comprehensive details contained in the full announcement. It is advised that investment decisions be made after considering the complete financial report, which is accessible on the company’s website and the Stock Exchange News Service (SENS) platform.

In an additional statement, AYO Technology Solutions announced that no dividends have been declared for the six-month period ending 28 February 2023. This decision contrasts with the 35 cents dividend declared in the prior corresponding period. At the time of the declaration, the company’s issued share capital amounted to 343,185,485 ordinary shares.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo