Ayo Tech declares 30c maiden dividend
Investment income is due to a surge in capital after listing boosted the group’s results
Software and technology group Ayo Technologies has declared a maiden dividend of 30c per share for the year to end-August. The group saw a fivefold increase in profit before tax in the year to end-August, bolstered by a surge in investment income as a result of its listing, as well as growth in its underlying assets. Asset growth in underlying investment and capital raised from its December 2017 listing pushed up net asset value to R4.4bn from R67m during the period, with investment income raking in R226.9m. The group reported overall revenue growth of 33% to R639m. Ayo registered its best performance in its security division, which grew revenue 34% to R335m, while software consulting brought in R73m, from the prior period’s R69m. Ayo’s share price had wobbled earlier in November when it warned that it would need to slash its forecast for headline earnings per share (Heps). The group’s share had lost 3.81% after the statement, but more than recovered this the next day , when it rose...
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