New TMT unit bolsters Altron’s year-end earnings
Allied Electronics (Altron) is set to report a jump in earnings during the year ended February as its recently formed Altron TMT division “exceeded management’s expectations” during its first set of results since the successful acquisition of the Allied Technology (Altech) minorities in August 2013.
The electronic components distributor’s headline earnings per share (HEPS) for the financial year under review were expected to be 35% to 45% higher than the recorded HEPS of 136c in the 2013 financial year.
Altron’s basic earnings a share were expected to increase between 280% and 300%, bouncing back into the black after reporting a loss a share of 99c last year.
Despite the ongoing reorganisation of the TMT unit, which comprised the Altech and Bytes businesses, Altron was “extremely pleased” with the progress made to date.
Altech recovered strongly after shedding its loss-making East and West African operations last year.
“While revenue growth has been relatively muted, profitability has recovered strongly on pleasing performances out of our main operations and despite a number of significant once-off costs,” the company explained in a trading update this week.
Despite gross margins remaining under pressure, Altron’s Bytes unit continued to perform well, with robust revenue growth both in the local and international operations.
Meanwhile, Altron Power, which comprised the Powertech businesses, also made a strong recovery, with “pleasing” revenue growth and significantly improved profitability.
Altron would publish its financial results for the year ended February on May 14.
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