Wrap Text
Unaudited Condensed Consolidated Results for the six months ended 31 August 2026
ISA Holdings Limited
Incorporated in the Republic of South Africa
(Registration number 1998/009608/06)
Share code: ISA
ISIN: ZAE000067344
(“ISA” or “the Company”)
RESULTS ANNOUNCEMENT: UNAUDITED CONDENSED CONSOLIDATED RESULTS FOR THE SIX
MONTHS ENDED 31 AUGUST 2026
Unaudited Unaudited Audited
six months six months year
ended ended ended
31 Aug 26 31 Aug 25 28 Feb 26
Change R'000 R'000 R'000
Highlights from Statement
of Comprehensive Income
Turnover 35% 92,546 68,804 127,887
Profit before
other income and expenses 33% 39,680 29,883 64,166
Profit attributable to equity
shareholders for the period 139% 34,988 14,644 28,577
Earnings per share (cents) 139% 22.4 9.4 18.3
Highlights from Statement of
Financial Position
Total assets 42% 140,696 98,941 86,519
Cash and cash equivalents 179% 73,247 26,279 13,903
Equity 34% 80,596 60,223 59,492
Total liabilities 55% 60,100 38,718 27,027
Dividends and distribution
Ordinary dividend per share
declared for the period (cents) (100%) - 9.4 18.3
Ordinary dividend per share
paid during the period (cents) (47%) 8.9 16.7 26.1
Net asset value per share
at end of period (cents) 34% 51.7 38.6 38.1
Headline earnings per
share (cents)* 24% 11.6 9.4 18.3
Diluted headline earnings per
share (cents)* 24% 11.6 9.4 18.3
* Reconciliation of headline earnings (R'000):
Earnings as per statement of
comprehensive income 34,988 14,644 28,577
Profit on sale of equity-accounted
investment (30,213) - -
Tax effect on above 13,392 - -
Headline earnings 18,167 14,644 28,577
OPERATIONAL REVIEW
I am pleased to present a strong set of results for the six months ended 31
August 2026 ("the current reporting period"), which continue to be
underpinned by a high proportion of recurring revenue, a robust balance sheet
and strong cash flows. Despite the challenging trading conditions in which we
operate, overall performance remains encouraging.
Turnover increased by a pleasing 35% during the current reporting period to
R92.5 million, compared to R68.8 million in the previous corresponding
reporting period (“the prior reporting period”) and continues to include a
healthy mix of third-party products, subscriptions, and our Managed Security
Service offerings, which is underpinned by MSS Pulse, our internally
developed security infrastructure monitoring and reporting platform. This
growth in turnover is largely attributed to the recognition of a few sizeable
contracts completed during the current reporting period.
Profit before other income and expenses increased by 33% during the current
reporting period to R39.7 million, compared to R29.9 million in the prior
reporting period, and gross margin remains steady at 43%. Operating
expenditure increased by a mere 3% to R17.1 million, compared to R16.6
million in the prior reporting period, which when viewed together with the
increase in services rendered to our customers, gives management the
confidence to continue investing in several process automation initiatives
and the use of artificial intelligence to complement and streamline various
business functions.
The sale of our equity-accounted investment (“DataProof”), as announced on
SENS on 23 April 2026 and 20 May 2026, was concluded during the current
reporting period, resulting in several dramatic variances compared to the
prior reporting period. Illustratively, our profits before tax increased by
195% to R54.9 million, compared to R18.6 million in the prior reporting
period, while our profits attributable to equity shareholders for the period
increased by 139% to R35 million, compared to R14.6 million in the prior
reporting period. If we were to exclude the proceeds from the sale of
DataProof, our profits before tax would have increased by 33% to R24.7
million, and our profits attributable to equity shareholders for the period
would have increased by 24% to R18.2 million.
Furthermore, if we were to exclude our share of DataProof’s profits from the
prior reporting period, as these are not included in the current reporting
period, our profits before tax would have increased by 67%, and our profits
attributable to equity shareholders for the period would have increased by
68%.
Trade and other receivables increased by 86% to R34.8 million from R18.7
million in the prior reporting period, and trade and other payables increased
by 43% to R53.1 million from R37.1 million in the prior reporting period.
While these are substantial changes, management is not overly concerned at
this time, as they are largely a factor of deal and supplier settlement
timing and product mix structuring, as opposed to any fundamental change in
cash management practices of the business. This said, management continues to
monitor these levels closely so that they can respond timeously to any issues
encountered.
Cash and cash equivalents increased to R73.2 million at the end of the
current reporting period, from R13.9 million at the beginning of the current
reporting period and R26.3 million at the end of the prior comparative
reporting period. This dramatic increase in cash reserves is largely a result
of the proceeds received from the sale of DataProof during the current
reporting period.
DISTRIBUTION
The board of directors of ISA (“the board”) has not declared an interim
dividend to shareholders, as they are accumulating their cash reserves while
considering several capital allocation options available to them at this
time.
RESULTS ANNOUNCEMENT
This results announcement is the responsibility of the directors of the
Company. This results announcement does not include full or complete details
of the unaudited condensed consolidated results for the six months ended
31 August 2026 (“Results”) released on SENS on 13 November 2026. The Results,
as published on SENS, can be found on the Company's website at:
https://www.isa.co.za/interimreports/interim26.pdf and on the JSE’s cloudlink
at: https://senspdf.jse.co.za/documents/2026/JSE/ISSE/ISA/interim26.pdf
Any investment decisions by investors or shareholders should be based on the
consideration of the Results as a whole. None of the information in this
announcement has been reviewed or reported on by the Company’s auditors.
CHANGES TO THE BOARD AND SUBSEQUENT EVENTS
There have been no changes to the board and no subsequent events up to and
including the date of this report.
SPECIAL THANKS
On behalf of the board, I would like to take this opportunity to thank the
ISA team for their continued dedication and hard work. My appreciation is
also extended to my colleagues on the board for their wise counsel and
valuable input, as well as to all stakeholders, customers, and vendors for
their support.
For and on behalf of the board,
Clifford Katz
Chief Executive Officer
Johannesburg
13 November 2026
Directors: CS Katz (Chief Executive Officer), PJG Green (Chief Technical
Officer), P Mogoboya (Financial Director), AJ Naidoo#, E Tsouros*, N
Maphothi*, O Seku*(Chairperson)
# Non-executive
* Independent non-executive
Designated Adviser: Merchantec Capital
www.isaholdings.co.za
Date: 13/11/2026 02:40:00
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