Altron - Platforms offset IT Services weakness

Altron reported stable results despite the previously flagged weakness in Altron Digital Business (ADB). While revenue declined 1% y-o-y, EBITDA grew 4% and, helped by the change in depreciation policy at Netstar, operating profit before capital items increased 15%. Basic headline EPS (HEPS) from continuing operations was 22% higher year-on-year, supporting a 20% increase in the interim dividend to ZAR0.48. We have revised our forecasts to reflect a stronger performance in the Platforms business partially offset by a lower contribution from IT Services and Distribution. We lift our basic HEPS from continuing operations by 5.3% in FY26 and 1.0% in FY27.

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