South Africa’s Allied Electronics (Altron) has reported a 14 per cent increase in revenue from continuing operations during 2013, as well as a five per cent increase in profit.
HumanIPO reported last month the company was expecting higher earnings as a result of the successful acquisitions of Altech minorities and a division restructuring.
The company’s revenue is up to ZAR27.7 billion (US$2.7 billion) from ZAR24.5 billion (US$2.4 billion) this time last year, while profits total ZAR732 million (US$71 million), up from ZAR694 million (US$67 million) in 2013.
“A number of significant projects were initiated during the period under review, among them, the establishment of Altron TMT, the restructuring of Powertech System Integrators, the refinancing of the group’s debt and the rebranding of Altron,” the company said to its shareholders.
The company said its basic earnings per share were up 16 per cent, increasing to ZAR1.79 (US$0.17) from ZAR1.53 (US$0.14).
It said dividends per share reached ZAR0.80 (US$0.08), up ZAR0.20 (US$0.02) over last year.
Altron informed holders of ordinary and participatory preference shares would be paid out on July 7.
The company said its subsidiaries Altech, Bytes and Powertech saw revenue increases of two per cent, 25 per cent and 14 per cent respectively.
“Management is extremely pleased with the progress and associated benefits already achieved from the establishment of Altron TMT in August 2013, many of which will only be reflected in the financial results in the coming financial year,” the company said.
“Altron is transforming from an investment holding company to an operational business through the pooling of talent, funds and businesses. This will result in new income streams, innovations and growth opportunities.”
