It’s difficult not to have a grudging admiration for those in the trenches at Ayo Technology Solutions. No matter what happens, they soldier on.

And a lot is happening at Ayo, almost none of it good. There was the 28% hike in revenue to R1bn (from R792m) in the six months to end-February. But that was overshadowed by the threefold increase in pretax loss to R258m (from R85m). The headline loss at share level more than doubled to 79.3c from 35.09c...

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