Jabu Moleketi, chairman of iOCO, welcomed the appointments to the new joint CEO’s Rhys Summerton and Dennis Venter. Picture: supplied
iOCO, the new name for EOH Holdings since December 2024, has turned the corner and investors rewarded it with a sharp 10.56% rise in the share price on Thursday afternoon.
A trading statement showed that it expects to lift headline earnings a share between 270% and 290% for the six months to January 31, 2025. The share price was trading at R2.81 late Thursday, more than double the R1.17 it traded at a year ago.
The group has also appointed new leadership.
Earnings per share is expected to be between 18 cents and 21 cents, an improvement of between 220% and 240% from the loss per share of 15 cents reported for the comparative six months ended January 31, 2024.
Headline earnings per share is expected to be between 19 cents and 21 cents, compared with the headline loss per share of 11 cents in the same period in 2024.
The group that provides services such as data analytics, cloud solutions, e-commerce platforms, IT automation, fleet and inventory management, security solutions, and AI solutions will release its results on April 2, 2025.
Marius de La Rey has resigned as interim CEO and executive director, effective February 14, 2025. He had joined the group in 2019 and became interim CEO from May 2024.
Rhys Summerton, a non-executive director and chairman of the Audit and Risk Committee, and Dennis Venter, non-executive director and chairman of the Remuneration and Nomination Committee, were appointed as joint CEOs and executive directors.
“Rhys will be focused on capital allocation decisions and group strategy, while Dennis will focus on revenue generation initiatives. Both joint CEOs will work closely with group CFO and executive director, Ashona Kooblall, and the existing management team,” the board said in a statement.
Both joint CEOs had had been instrumental in various turnaround initiatives in the company as members of the Board's Restructuring Committee.
"This leadership transition marks an exciting new phase for iOCO as we continue to strengthen our position as a market leader in technology services. Rhys and Dennis bring a wealth of experience and a shared vision for innovation, growth, and operational excellence,” chairman Jabu Moleketi said in a statement.
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