In a recent announcement, AYO Technology Solutions Limited revealed its financial performance for the year ended 31 August 2023. The South African-based company, listed on the Johannesburg Stock Exchange (JSE) under the code AYO, disclosed both positive and challenging aspects of its fiscal health.
AYO Technology reported a notable 28% increase in revenue, reaching R2.3 billion compared to the R1.8 billion recorded in the previous financial year. Despite economic headwinds, the company demonstrated resilience in generating higher revenue.
However, the financial report also unveiled a significant rise in losses. The loss before tax soared by an alarming 180%, surging from R233 million in the prior financial year to a staggering R653 million in the current period. This increase is likely to draw attention and scrutiny from shareholders and the financial community.
Earnings per share (EPS) metrics painted a similarly grim picture. The loss per share escalated by 130%, rising from 78.60 cents per share in the prior financial year to 180.53 cents per share in the current fiscal period. Moreover, the headline loss per share surged by 193%, reaching 176.46 cents per share, further signaling financial challenges.
Investors received disappointing news as the gross dividend per share plummeted by 100%, falling from 60 cents in the previous year to zero cents in the current financial year.
The detailed review of the condensed consolidated financial statements for the year 2023 is accessible on AYO Technology’s official website here. Interested parties can also view the statements on the JSE SENS platform here.
The 2023 financial results have been scrutinized by auditing firms Crowe JHB and Thawt Inc., who expressed an unmodified review conclusion. However, their opinion includes an emphasis on a material uncertainty related to a going concern. The condensed consolidated financial statements indicate events and conditions, raising doubts about the company’s ability to continue as a going concern.
This short-form announcement concludes with a cautionary note from AYO Technology’s Board of Directors. It emphasizes that this summary is not exhaustive and urges investors and shareholders to base their investment decisions on a thorough consideration of the complete announcement, available on SENS and the company’s website.