Altron resumes dividend payment
Interim dividend of 28c per share declared, as strategy of selling non-core businesses to focus on IT pays off
Allied Electronics Corporation (Altron) has kept to its word by resuming dividend payments for the first time in two years. The technology group on Thursday declared an interim dividend of 28c per share, as its free cash flowed and net debt improved. Its headline earnings per share from continuing operations rose 25% to 71c in the six months to end-August, from a matching period a year ago. Altron has shaken up its portfolio through selling non-core businesses to focus on the information technology sector. CEO Mteto Nyati has overseen a shakeup begun by his predecessor, Robbie Venter, who stepped down more than year ago after 16 years at the helm. Revenue from continuing operations was up 44% to R9.8bn, from a year-earlier period. “Altron group has made considerable progress in expanding its operations in various jurisdictions, successfully integrating three acquisitions,” the company said in a statement. Altron shares rose nearly 7% in early trade R17.81 on the JSE, outperforming t...
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