Strong performances by most of Altech`s operations in the year to February were offset by the effect of a strong rand on the UEC subsidiary.
Revenue at UEC fell by 7% to R595 million, although Altech CEO Craig Venter says that in dollar terms revenue was 28% up with unit volumes 39% higher than the previous year.
UEC has been restructured to enhance efficiencies. "I can also confirm that UEC has already achieved 44% of its budgeted annual sales in orders for the current year," he says.
Group revenue rose from R4.06 billion (continuing operations: R3.75 billion) to R4.14 billion, while operating income slipped from R407 million (continuing operations: R386 million) to R333 million, while attributable earnings slipped from R631 million to R312 million.
Headline earnings per share of 302c compares with a previous 342c a share. A dividend of 143.75c a share has been declared.
Venter says that Altech, with its recent acquisitions and with orders of R824 million on hand, coupled with about 65% of revenue based on annuity income, is confident that it will continue to create shareholder value and show real growth in the coming year.
"Acquisitions will be actively pursued with our normal cautious approach and the group will become more global in Africa and elsewhere."
The Altech share lost 25c on the JSE to close at R33.25 yesterday. By midmorning today it was trading another 20c lower at R33.05.
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