AYO TECHNOLOGY SOLUTIONS LIMITED has released a trading statement revealing anticipated financial results for the year ending 31 August 2023. The statement, in accordance with JSE Listings Requirements, indicates a substantial increase in both basic and headline losses per share (LPS and HLPS) compared to the previous corresponding period.
AYO projects a basic loss per share ranging between 173,60 and 189,32 cents, reflecting a significant surge of 121% to 141% when compared to the LPS of 78,60 cents reported for the fiscal year ending 31 August 2022. Similarly, the headline loss per share is expected to fall between 171,36 and 183,41 cents, indicating a remarkable increase of 184% to 204% from the HLPS of 60,25 cents reported in the previous financial period.
The substantial increase in losses is primarily attributed to several key factors impacting the group’s financial performance:
The financial information provided in the trading statement has not undergone review or reporting by AYO’s auditors, emphasizing the preliminary nature of the disclosed figures. Investors are advised to await the official audited financial results for a more comprehensive and accurate assessment.
The official audited financial results for the year ending 31 August 2023 are scheduled for release on SENS (Stock Exchange News Service) on or about 1 December 2023. The release is highly anticipated as it will provide a detailed analysis and insights into the specific areas contributing to the group’s challenging financial performance.
AYO TECHNOLOGY SOLUTIONS LIMITED’s trading statement paints a challenging financial picture for the fiscal year 2023. The official release of audited financial results in the coming days will provide a more detailed understanding of the specific challenges faced by the group and its strategies for moving forward in the South African market.