South African IT and electronics group Allied Electronics (Altron) has announced it is expecting higher earnings following the company’s successful acquisition of Altech minorities and division restructuring.
HumanIPO reported earlier this year the Johannesburg Stock Exchange-listed (JSE) company had split its subsidiaries into Altron TMT (Telecommunications, multimedia and Information Technology), home to Altech and Bytes, and Altron Power, made up of Powertech.
The company said the higher earnings could be attributed to the performance of Altron TMT.
“Altron TMT has secured several material tenders during the past six month period, indicative of the exciting cross sell/up sell and collaboration opportunities that have arisen as a result of the integration of Altron TMT,” the group said to its shareholders.
The company said it is expecting headline earnings per share for 2013 to be between 35 and 45 per cent higher than the previous period year-on-year.
“Basic earnings per share for the financial year ended 28 February 2014 is expected to be between 280 per cent [178 cents per share] and 300 per cent [198 cents per share] higher as against the previous corresponding period,” the company reported to its shareholders.
Altron said it is expecting its finalised year-end financials to be available on May 14, 2014.
