Technology group Etion will focus more on its international business as the company looks to offset the effect of a weaker rand, while anticipating a faster economic recovery from markets outside SA driven by increased demand for its cybersecurity products.
The company, which traditionally manufactured defence technology and equipment for locomotives at Transnet, has shifted its strategy over the past year to focus on cybersecurity and cloud-computing products and services. The company recorded a 20% drop in revenue for its design and manufacturing unit, Create, while the Digitise business, hampered by lower rail spending by the government, saw a 69% fall in revenue. Revenue for the Connect unit fell 34% due to the slowdown in fibre installations as network operators continued to reduce capital expenditure in response to lower demand for fibre services in a weak economic environment, the company said.