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AYO TECHNOLOGY SOLUTIONS LIMITED - Trading Statement for the Year Ended 31 August 2020

Release Date: 16/11/2020 17:30
Code(s): AYO     PDF:  
Wrap Text
Trading Statement for the Year Ended 31 August 2020

AYO TECHNOLOGY SOLUTIONS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1996/014461/06
JSE share code: AYO
ISIN ZAE000252441
(“AYO” or the “Group” or the “Company”)

TRADING STATEMENT FOR THE YEAR ENDED 31 AUGUST 2020

In accordance with paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a company is
required to publish a trading statement as soon as it becomes aware that the financial results for the
financial period to be reported upon next will vary by 20% or more from those of the previous
corresponding period.

Accordingly, shareholders are hereby advised that a reasonable degree of certainty exists that for the
year ended 31 August 2020:

• The Group expects to report basic earnings per share (“EPS”) of between 4.34 and 10.58
  cents per share, representing a decrease of between 75.8% and 90.1% as compared to EPS of 43.76
  cents per share reported for the prior year ended 31 August 2019; and

• The Group expects to report headline earnings per share (“HEPS”) of between 6.82 and 13.06 cents
  per share, representing a decrease of between 69.9% and 84.3% as compared to HEPS of 43.40 cents
  per share reported for the prior year ended 31 August 2019.

AYO and the ICT industry are feeling the significant negative effects of the Covid-19 pandemic as
customers, government and businesses face unprecedented disruption and uncertainty. The decrease
in EPS and HEPS compared to the prior year is primarily as a result of an increase in impairment
expenses and fair value losses of the Group due to the impact of Covid-19. In addition, the significant
decline in the prime lending rate during the year had a detrimental effect on interest income earned
by the Group.

The financial information on which this trading statement is based has not been reviewed or reported
on by AYO’s auditors.

The Group is in the process of finalising its financial results for the year ended 31 August 2020, which
is scheduled to be released on SENS on or before 20 November 2020.

Cape Town
16 November 2020

Joint Sponsor
Vunani Capital

Joint Sponsor
Merchantec Capital

Date: 16-11-2020 05:30:00
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