Name change for EOH

EOH Holdings Limited plans to change its name to iOCO Limited at its upcoming AGM.

The group said that it would ask shareholders to approve a proposal to change the name of the company.

The company’s board of directors believes that the proposed name change aligns with its strategic objectives and branding initiatives.

The rebranding comes after EOH appointed former iOCO boss Marius de le Rey as the new executive chairman and interim CEO.

The online AGM will be held on Wednesday, 27 November 2024, at 09:00 am.

The new names come amid a series of new initiatives pushed forward by a special board subcommittee that was formed in June 2024 to turn EOH around.

The new board’s new key initiatives include business restructuring and rationalisation plans.

Over the last year, the group said that it completed a corporate and administration cost restructure.

Cost savings of between R160 million and R200 million are anticipated into FY25.

Major legacy items were also resolved, operations stabilised and continued to improve, and the group resumed investment in growth.

Financials

That said, the group’s total revenue continued to drop downwards, declining by 3.1% to R6.0 billion for the the year ended 31 July 2024 (FY24).

Revenue growth from international (+27%) and infrastructure services businesses (+5%) did increase, with robust digital revenue generation. D

However, there were declines in Connected Industrial Ecosystems (-15%) and Digital business solutions (-12%).

Gross profit margins remained steady at 27.3%, but Adjusted EBITDA declined marginally to R307 million (FY2023: R312 million), adjusted for share-based payment expense.

Operating profit was down 17% to R112 million (FY2023: R135.0 million), which includes once-off restructuring costs.

The group’s loss per share narrowed by 23% to

The group’s loss per share (LPS) narrowed by 23% to 10 cents (FY2023: LPS of 13 cents), while the headline loss per share (‘HLPS’) improved by 99% to 0.21 cents (FY2023: HLPS of 21 cents).

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