Unaudited interim condensed consolidated financial statements
for the six months ended 31 January 2024

Unaudited interim condensed consolidated financial statements
for the six months ended 31 January 2024

Chief Executive Officer

"For many years we have been battling the effects of the corruption scandals, unprofitable legacy contracts, inefficient corporate structures, huge debt burdens and a highly inefficient capital structure. Following our successful R600 million capital raise last year and the recent closure of our last major legacy issue, EOH can now get back to business and focus on our Growth-Efficiency-Talent strategy. I am confident as I step down the team taking up the baton, who have all been part of the senior leadership for the past five years, will ensure the transition is seamless."

Stephen van Coller
Chief Executive Officer

Stephen van Coller
Chief Executive Officer

What we offer

Infrastructure Services & Applications

Solutions encompassing the configuration, security and management of IT hardware, spanning from server rooms to end-user computing.

  • Infrastructure Services
  • Enterprise Applications
  • Software Reseller
Typical client profile

Clients of varying sizes seeking to manage and simplify their infrastructure environments.

Digital Enablement

Bringing together a diverse range of talents to innovate, create, deliver and enhance business agility and digital resilience for our customers.

  • Design and Strategic Advisory
  • Software Development
  • Data and Analytics
  • Intelligent Automation
  • Cloud and Security
  • Testing and Quality Assurance
  • RLab
Typical client profile

Large and enterprise-sized clients across various industries seeking to achieve business agility and digital resilience.


Digital enablement solutions for new markets, expanding access to talent pools and attracting new clients.

  • Europe (UK, Switzerland)
  • Middle East
Typical client profile

Middle East: Clients in sectors like financial services, agriculture and telecommunications.

UK/Switzerland: Clients seeking to leverage the Group's system integration and software resale capabilities.


Using expertise and technology to transform our clients’ processes in managing their customers, people, suppliers, assets and infrastructure, communities and operating environments, as well as the risk and regulatory landscape that governs them.

  • GRCaaS
  • People Solutions
Typical client profile

A broad spectrum of clients, ranging from emerging companies refining their governance, risk, compliance and people management frameworks, to established blue-chip firms and multinationals with intricate solution needs.

Operational Technologies

Solutions that help clients design, operate and optimise their critical information technology and infrastructure across all heavy industry sectors, including industrial, energy, mining, manufacturing, and oil and gas.

  • Connected Industrial Ecosystems (Operational Technology; Power Solutions; Connectivity Solutions)
  • Industrial Tech (Water Solutions); Security & Building Solutions; Engineering Consulting
Typical client profile

Industrial, energy, mining, manufacturing, and oil and gas clients across Africa wanting to digitise their engineering and operations, and improve safety and efficiency.

Public and private-sector clients with large asset bases seeking to optimise their power and water usage.

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EOH has spent significant time over the past year optimising and aligning its suite of products and services and refining how it approaches the market and now has a stable portfolio of products and services. The Group operates through four key product pillars; namely Digital Enablement, IT Infrastructure Services, Operational Technologies, together forming iOCO SA, and EasyHQ. The International business outside of sub-Saharan Africa focuses on Digital Enablement and selling of own-IP platforms. The product pillars have further been optimised into three operating structures, with an Executive Committee that has also been aligned along these pillars, improving efficiency and accountability in our reporting structures.

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Financial statements

Working capital and liquidity management are key focus areas of the business with net working capital of R171 million and cash and cash equivalents at the end of the period of R411 million, excluding the overdraft facility. Debt at 31 January 2023 was at R1 228 million and had subsequently reduced to R673 million, as at 31 January 2024 after paying down the bridge facility with the proceeds of the capital raise and other disposal proceeds.

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Notes to the interim condensed consolidated financial statements

Despite the economic headwinds faced in South Africa, EOH is well placed to compete in the ICT sector with its full stack of technology offerings, diversified client base, as well as its strong international performance, supported by our highly skilled employee base.

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