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'Customers have stuck with us in the belief we would turn EOH around' - CEO

14 April 2021 8:20 PM
Tags:
The Money Show
Bruce Whitfield
state capture inquiry
EOH
business turnaround
Zondo commission
eoh holdings
Stephen Van Coller
company results
turnaround strategy
interim results

EOH reports a revenue dip, but also its 1st operating profit since CEO Stephen van Coller started implementing turnaround plan.

EOH Holdings has posted its interim results for the six months ended 31 January 2021.

Revenue for the period dropped 29% to R4,376 million (from R6,194 million in 2020).

However, the tech services group says for the first time in the two years since embarking on its turnaround plan, EOH posted a positive operating profit of R59 million for the half year.

RELATED: It was a massive relief when Zondo Commission approached me - EOH CEO

"Over the past two years, the EOH management team has prioritised consolidating the Group’s legal entity structures, optimising the business through non-core disposals, paying down legacy debt and refinancing."

EOH chief executive Stephen van Coller at the state capture commission on Monday, 23 November 2020. Picture: SABC Digital News/Youtube

Stephen van Coller took over as Group CEO in September 2018 and appointed a forensic team to investigate the company's alleged corrupt dealings with government bodies.

Bruce Whitfield interviews van Coller about EOH's half-year results.

We've actually done slightly better than when we stood up two years ago... and we said 'This is our plan..'.

Stephen van Coller, CEO - EOH Holdings

The business has definitely stabilised. We've sorted out the nonsense and we're getting to the end of it...

Stephen van Coller, CEO - EOH Holdings

Now we've just got to sort out the residual interest... obviously that down from R4 billion to R2 billion...

Stephen van Coller, CEO - EOH Holdings

We're not scattered... We've effectively got three businesses now...

Stephen van Coller, CEO - EOH Holdings

We've created iOCO, which I've always said was the core ecosystem we had to save. That has done really well... It's really firing now, especially through Covid with this move into the Cloud and digitisation...

Stephen van Coller, CEO - EOH Holdings

For EOH, says van Coller, the "reputational" pendulum has swung back again.

Customers have stuck with the company in the belief that it would turn around, he adds.

Hear more about the turnaround strategy from the EOH CEO:


This article first appeared on CapeTalk : 'Customers have stuck with us in the belief we would turn EOH around' - CEO




14 April 2021 8:20 PM
Tags:
The Money Show
Bruce Whitfield
state capture inquiry
EOH
business turnaround
Zondo commission
eoh holdings
Stephen Van Coller
company results
turnaround strategy
interim results

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