iOCO Limited (IOC) 1H25 – Results Snapshot

Diluted HEPS improved from -11.0cps LY to +19cps CY.
Revenue fell by 13.1% y-y to R2 733m due to a large decline in iOCO Infrastructure Services and finalisation of the NEXTEC legacy businesses.
GPM increased from 26.7% to 30.1%.
OPM improved from 0.3% to 7.8%.
Expenses fell by 25.2% y-y, with expense-to-sales falling from 25.7% to 22.1%
No dividend.
Gross debt down 22.3% y-y to R745m.
Net cash increased by 22.1% y-y to R298m aided by reduced utilisation of the overdraft facility.
Cash from operating activities improved from R105m LY to R218m CY.