Healthier Altron expects to slash its interest bill
Group net finance expenses came to R100m in the six months to August, which CEO Nyati says is 'too high'
With its turnaround materialising, technology group Altron is talking to lenders about refinancing expensive debt, CEO Mteto Nyati said on Thursday. The group expected to “substantially” cut its interest bill. “We are now a much healthier company,” Nyati said after Altron reported a 44% increase in revenue and said it would resume dividend payments.
Despite it being on more stable footing, Altron has had to service expensive debt incurred when it was in a precarious financial position. Group net finance expenses were R100m in the six months to end-August, and Nyati said that number was “too high”. The group plans to refinance debt by the end of February, he said. Debt net of disposals totalled R991m in August, from R1.5bn six months earlier.