AYO TECHNOLOGY SOLUTIONS LIMITED - Initial Trading Statement

Release Date: 10/09/2018 15:50
Code(s): AYO
 
Wrap Text
Initial Trading Statement

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

INITIAL TRADING STATEMENT

In terms of the Listings Requirements of the JSE Limited, the 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 on next will vary by 20% or more than the previously published forecast
for the year ended 31 August 2018, as contained in the pre-listing statement issued on 13
December 2017 (“Pre-listing Statement”)(“2018 Forecast”).
Accordingly, shareholders are hereby advised that a reasonable degree of certainty exists that
for the year ended 31 August 2018:

•   HEPS of the Company will be at least 147.68 cents per share lower or at least 61% lower
    than the HEPS of 242.68 cents per share reported in the 2018 Forecast; and

•   EPS of the Company will be at least 147.68 cents per share lower or at least 61% lower
    than the EPS of 242.68 cents per share reported in the 2018 Forecast.

A further trading statement will be issued as soon as there is a reasonable degree of certainty
as to the likely range within which the Company’s headline earnings per share and earnings
per share is expected to be less than the 2018 Forecast.
While the results for the year ended 31 August 2018 will be less than the 2018 Forecast,
shareholders should note that:

•   the SASOL contract was scheduled to commence earlier in the reporting period but was
    delayed and only commenced in the latter part of the year;

•   in preparation for the implementation of the SASOL contract the Company incurred certain
    once-off costs;

•   acquisitions were not concluded within the expected timelines however the Company
    continues to evaluate various value creating transactions and the market will be advised
    when transaction are concluded; and

•   The HEPS and EPS of the Company will be significantly higher than the prior year HEPS
    of 5.66 cents per share and EPS of 7.86 cents per share reported in the financial results
    for the year ended 31 August 2017, as contained in its Pre-listing Statement.

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

The financial results for the year ended 31 August 2018 are expected to be published on or
about 6 November 2018.

Cape Town
10 September 2018

Sponsor
PSG Capital

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