fresh from a rights issue, saw its share price fall more than 9% on Thursday on higher than usual volume after the IT services group issued a full-year trading update that disappointed investors.
The total loss per share from continuing and discontinued operations increasing to between 12c and 14c, compared to 9c in 2022. These will be the first financial results EOH will publish since its recent rights offer, which raised R500-million from shareholders. The group also raised R100-million from empowerment partner Lebashe Investment Group. The proceeds were used to reduce debt, which it said will lead to a “significant” reduction in debt servicing costs and allow it to “invest for growth”. It will also provide it with greater flexibility in managing the business and its cash flows, it said.