Altron reports decrease in earnings for 2021
Allied Electronics (Altron) recorded an 8.5% decline in earnings before interest, taxes, depreciation and amortisation (Ebitda) to R1-billion during the year ended February 28, 2021.
This was attributed to weak market conditions and liquidity pressures resulting in low client confidence levels that have led to large-scale investment projects being delayed.
Margin pressures, with customers requiring reduced pricing and discounts owing to the impact of the pandemic, also impacted the group’s results for the year under review.
Against the backdrop of the challenging year owing to the global Covid-19 pandemic, headline earnings a share decreased 18% to 31c, while earnings a share decreased 44% to 23c.
Working through the key priorities for the year of managing through the crisis, unlocking shareholder value and pursuing its 2.0 strategic path, the group reduced its overall net debt to R453-million in 2021, compared with the R1.3-billion at the end of the 2020 financial year, which was indicative of strong cash generations during the year.
Cash generated from operations increased by 31% from R1.7-billion in the prior year to R2.2-billion during the year under review, while operating free cash flow increased more than 600% to R612-million.
Altron’s revenue remained flat at R7.4-billion.
Meanwhile, Altron Documents Solutions, Altron People Solutions, Altron Arrow and Bytes UK were classified as assets held for sale during the year ended February 28, 2021.
Altron declared a final cash dividend of 15c a share for the year under review.
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