EOH Holdings Limited plans to change its name to iOCO Limited at its upcoming AGM. <\/p>\n\n\n\n
The group said that it would ask shareholders to approve a proposal to change the name of the company. <\/p>\n\n\n\n
The company’s board of directors believes that the proposed name change aligns with its strategic objectives and branding initiatives. <\/p>\n\n\n\n
The rebranding comes after EOH appointed former iOCO boss Marius de le Rey as the new executive chairman and interim CEO.<\/p>\n\n\n\n
The online AGM will be held on Wednesday, 27 November 2024, at 09:00 am. <\/p>\n\n\n\n
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. <\/p>\n\n\n\n
The new board’s new key initiatives include business restructuring and rationalisation plans. <\/p>\n\n\n\n
Over the last year, the group said that it completed a corporate and administration cost restructure. <\/p>\n\n\n\n
Cost savings of between R160 million and R200 million are anticipated into FY25.<\/p>\n\n\n\n
Major legacy items were also resolved, operations stabilised and continued to improve, and the group resumed investment in growth. <\/p>\n\n\n\n
Financials<\/strong><\/p>\n\n\n\n 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\u00a0(FY24). <\/p>\n\n\n\n Revenue growth from international (+27%) and infrastructure services businesses (+5%) did increase, with robust digital revenue generation. D<\/p>\n\n\n\n However, there were declines in Connected Industrial Ecosystems (-15%) and Digital business solutions (-12%).<\/p>\n\n\n\n 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. <\/p>\n\n\n\n Operating profit was down 17% to R112 million (FY2023: R135.0 million), which includes once-off restructuring costs.<\/p>\n\n\n\n The group’s loss per share narrowed by 23% to <\/p>\n\n\n\n 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).<\/p>\n\n\n\n Read<\/strong>: New \u2018smart\u2019 restaurants for Steers, Wimpy and Debonairs owner<\/a><\/p>\n\n\n\nFinancials<\/strong><\/td> FY 2023<\/strong><\/td> FY 2024<\/strong><\/td> % Change<\/strong><\/td><\/tr> Revenue<\/td> R6.23 billion<\/td> R6.0 billion<\/td> -3.1%<\/td><\/tr> Operating profit <\/td> R135.0 million<\/td> R112 million<\/td> -17%<\/td><\/tr> LPS<\/td> -13 cents<\/td> -10 cents <\/td> +23%<\/td><\/tr> HLPS<\/td> -21 cents<\/td> -0.21 cents<\/td> +99%<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n
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