THE G SPOT
EOH: still over a barrel with its bankers
Having finally put its corruption woes behind it, the ICT company is still in hock, despite a huge improvement in earnings
EOH has clawed its way back into profit. However, with fewer businesses under its belt it is generating fewer sales — they are down 20% to R3.5bn for the six months ended January. Nevertheless, headline earnings came in at 41c a share, a 214% improvement from last year’s loss. But EOH is still over a barrel with its bankers, and may have to plump for a rights issue to kill off its remaining debt. The FM spoke to CEO Stephen van Coller.
How taxing has it been to get to this point?..