Altron warns its annual earnings likely to fall 29% on Covid-19 disruption
By Sandile Mchunu
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DURBAN - ALLIED Electronics Corporation (Altron) yesterday warned that its full-year earnings were likely to fall as much as 29 percent, partly because of poor economic activity and the trading restrictions put in place to limit the impact of Covid-19.
As a result, Altron said in a trading update, it expected its headline earnings per share (Heps) for the year to the end of February to decline by between 21 percent and 29 percent, to between 124 cents and 137c a share, down from the restated figure of 174c reported a year earlier.
Trading statement from Altron
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Altron Heps to fall on Bytes disposal, weak economy
JSE-listed technology group Altron said on Wednesday that its headline earnings per share (Heps) will fall by as much as 29% because of the disposal of its Bytes UK arm and weak trading conditions.
The “de-merger” of Bytes Technology Group, which was finalised in December, will lead to a once-off jump of over 100% in basic earnings per share for the year to 28 February 2021, Altron said in a statement to shareholders.
Heps, which excludes the profit from the de-merger, was negatively impacted as Bytes UK was “previously a material component of the Altron Group earnings”.
by
JOHANNESBURG,
(CAJ News) – ALTRON, the Johannesburg Stock Exchange-listed company, has acquired digital signatures services firm, Lawtrust, in a deal worth R245 million (US$17 million).
The acquisition from Etion is subject to Competition Commission approval
In 2019, Altron acquired Ubusha Technologies, a leader in identity management, which formed the foundation of Altron Security.
“It has proven to be a great acquisition as customers accelerated their digital transformation due to COVID-19. The acquisition of Lawtrust positions Altron Security as a One Stop Shop for all that is digital and information security,” said Altron Group Chief Executive, Mteto Nyati.
Lawtrust is a digital trust services and cyber information security solutions company which provides solutions used to verify the authenticity of digital identities and counterparty systems in transactions, data encryption, digital signatures as well as biometrics.
(Incorporated in the Republic of South Africa)
Share code: AEL ISIN: ZAE000191342
(âAltronâ or âAltron Groupâ or âthe Companyâ)
ACQUISITION OF LAWTRUST â CATEGORY 2 TRANSACTION
1. INTRODUCTION TMTSA Group Proprietary Limited (âAltron TMTSAâ) has entered into an agreement (âAgreementâ) with Etion Limited, a South African public company listed on the Johannesburg Stock Exchange with Registration Number 1987/001222/06 (âEtionâ), in terms of which Etion will sell and Altron TMTSA will acquire 100% of the issued shares in Law Trusted Third Party Services Proprietary Limited (âLawtrustâ). Lawtrust is a wholly owned subsidiary of Etion.
2. DESCRIPTION OF THE ASSET TO BE ACQUIRED Lawtrust is a digital trust services, cyber information security solutions provider. Lawtrustâs
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