Jasco achieves third consecutive profitable year
JSE-listed Jasco Electronics has posted increases across the board for the year ended June 30, marking the third consecutive year the group has been profitable since bouncing back into the black in 2016.
The group on Thursday posted earnings a share of 3.9c, an 8% rise on the prior year, while headline earnings a share jumped 10% to 2.7c for the year under review.
“Tough economic conditions continued to impact our performance during the 2018 financial year. Even against this, we managed to deliver improved results,” said Jasco CEO Mark van Vuuren.
“Although these improvements were off a low base, I am encouraged that the group has stabilised and reached a more solid foundation from which we can now execute on our strategy to build a sustainable and profitable business,” he added.
Van Vuuren took the reins on July 1, following the retirement of former CEO Pete da Silva, who then assumed the role of nonexecutive director.
Earnings before interest, taxes, depreciation and amortisation increased by 45% to R81.9-million for the year to June 30.
Contributions from new acquisitions Reflex Solutions and RAMM Technologies lifted operating profit before net interest by about 28% to R53.7-million during the year.
Jasco’s order book exceeded R1.2-billion for the first time.
Revenue increased by 10% to R1.15-billion on the back of small increases in all business units outside of Carriers, as well as a 12-month revenue contribution from Reflex of R157-million and four months of contributions, totalling R13.3-million, from RAMM.
“Against markets that will remain tough, it is imperative that we now shift from planning into execution mode to deliver against our strategic goals. This will be our key focus over the next 12 months,” Van Vuuren concluded.
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