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AYO TECHNOLOGY SOLUTIONS LIMITED - Short-Form Ann: Audited Interim Results For The 6 Months Ended 28 Feb 2018 & Feedback On JSE Request of 10 Apr 2020

Release Date: 27/03/2020 17:39
Code(s): AYO     PDF:  
Wrap Text
Short-Form Ann: Audited Interim Results For The 6 Months Ended 28 Feb 2018 & Feedback On JSE Request of 10  Apr 2020

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


SHORT-FORM ANNOUNCEMENT: AUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED
28 FEBRUARY 2018 AND FEEDBACK ON JSE REQUESTS OF 10 APRIL 2020

    1. Highlights

    •   Revenue increased by 49% to R349 million from R234 million in the prior period
    •   Profit before tax increased by 163% to R78 million from R30 million in the prior period
    •   Earnings per share increased by 83% to 15.29 cents per share from 8.37 cents per share in
        the prior period
    •   Headline earnings per share increased by 80% to 15.06 cents per share from 8.37 cents per
        share in the prior period

    2. Audited interim results

Shareholders are referred to the announcement released on SENS on Thursday, 11 April 2019
regarding a letter from the JSE Limited (“JSE”) sent to the Company on 10 April 2019 requesting the
company to, inter alia, obtain an audit opinion on the unaudited interim results for the six months
ended 28 February 2019 and the unaudited interim results for the six months ended 28 February 2018.

The Company wishes to inform shareholders that is has complied fully with the JSE’s request and that
the audit of the interim results for the six months ended 28 February 2018 is complete.

The audited interim results for the six months ended 28 February 2018 (“audited interim results”) are
available on the Company’s website at https://ayotsl.com/annual-financial-statements/

The company expects the audited results for the six months ended 28 February 2019 to be available
early next week.

    3. Feedback on the JSE’s requests of 10 April 2019

Following the completion of a review by management, certain corrections to the unaudited interim
results for the six months ended 28 February 2018 which arose as a result of incorrect application of
judgements and accounting errors have been identified.

Shareholders are referred to the supplementary information of the audited interim results for a
summary of the corrections made to the unaudited interim results for the six months ended
28 February 2018.

For further details on the Group's financial position and performance during the interim period please
refer to the full announcements.

The full announcements are available at
https://senspdf.jse.co.za/documents/2020/jse/isse/ayoe/AYOIR2018.pdf and on the Company’s
website at https://ayotsl.com/annual-financial- statements/



                                                                                            
Copies of the full announcement may also be requested from the Company secretary at
wazeer.moosa@ayotsl.com and either of the joint sponsors, being Vunani Sponsors or Merchantec
Capital, at sponsor@vunanicapital.co.za or sponsorteam@merchantec.co.za. Given the lock-down
these will be sent electronically upon request.

This short-form announcement is the responsibility of the board of directors. This announcement is a
summary of the information in the full announcement and does not contain full or complete details.
Any investment decision by investors and/or shareholders should be based on consideration of the
full announcement which has been released on SENS and available for viewing on the Company's
website.

The Company wishes to highlight to Shareholders that per the JSE Listing Requirements, the Company
is not required to audit its interim results. The audit was performed after a special request from the
JSE. As there is no normal requirement to audit interim financial statements, the 28 February 2017
interim results are not audited. The Company also wishes to highlight that the 28 February 2017
interim results are free from material misstatements but by virtue of these results not being audited,
the audit opinion for the 28 February 2018 interim results had to be qualified.


The qualified audit report, including key audit matters relating to the audited interim results is
available for inspection at the Company's registered office and on the Company. The basis for qualified
opinion is that the corresponding figures relating to the interim period ended 28 February 2017
presented in the audited interim results were not subject to an independent review or an audit.
Interim results are normally not required to be audited. The opinion on the audited interim results is
qualified because of the possible effects of the unaudited corresponding figures relating to the period
ended 28 February 2017 on the comparability of the 28 February 2018 financial information with that
of the corresponding period ended 28 February 2017.



Cape Town

27 March 2020



Joint Sponsor

Vunani Sponsors



Joint Sponsor

Merchantec Capital





Date: 27-03-2020 05:39:00
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The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

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