Ayo Technologies has posted a strong set of financial results, albeit off a low base. The company’s revenue rose 93% from R349m to R675m. It attributed the performance partly to a contract with an unnamed multinational group that commenced in July 2018. “Work on the contract is progressing very well, with positive feedback from the client and Ayo expects to obtain new contracts with other multinational companies," it said. “The primary drivers of revenue are organic growth and acquisitions,” said Ayo CEO Howard Plaatjes. Ayo’s assets grew 16% to R5.2bn. Its cash position is R700m less than the R4.3bn investment by the PIC in 2017. Ayo is embroiled in a legal tussle with the Companies and Intellectual Property Commission (CIPC), which in February served the Public Investment Corporation (PIC) with a compliance notice instructing its directors to recover the R4.3bn the asset manager invested in Ayo when it listed. The PIC bought a 29% stake in Ayo at R43 a share in December 2017, impl...

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