Datatec, a JSE-listed information and communications technology group, says it returned to profits in the year to end-February following the sale of major business units the prior year.
The company, which raised $672m by selling certain businesses in its 2018 financial year, said on Tuesday it will report headline earnings per share of 0.7 US cents, versus the 19.1c headline loss per share the prior year. The improvement “is primarily as a result of the very good progress made in reshaping Westcon International combined with continuing improved performance in Logicalis and Analysys Mason”.“On a directly comparable continuing basis, the year-over-year improvement in underlying earnings per share and headline earnings per share is even more notable,” Datatec said.
The group said it will report underlying earnings per share of 6.6c, versus the 5.6c underlying loss per share previously. Datatec, headed by Jens Montanana, bought back a large chunk of its own shares in the 2019 financial year, saying at the time the