Altron to resume paying dividends after three years without
Allied Electronics’ shake-up, begun by Robbie Venter and continued by his successor, Mteto Nyati, is starting to show results, with double-digit profit rises
Allied Electronics Corporation (Altron) plans to resume paying dividends later in the year, after shaking up its portfolio through selling noncore businesses to focus on the information technology sector. The company last paid a dividend in 2015, according to Iress data. CEO Mteto Nyati has overseen a shakeup begun by his predecessor, Robbie Venter, who stepped down a little more than year ago after 16 years at the helm. Releasing results for the year to end-February on Thursday, the company said headline earnings per share from continuing operations rose 19% to R1.35. Revenue from continuing operations rose 14% to R14.7bn, while earnings before interest, tax, depreciation and amortisation rose 19% to R1.1bn on a normalised and constant-currency basis. "During the past financial year Altron delivered substantially on its commitment to reposition the company for growth in the ICT sector," the company said. "This entailed delivering on a clearly defined One Altron strategy anchored in...
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