Datatec expects earnings to surge

DATATEC, the Joburg-headquartered information and communications technology firm, said yesterday it expected its earnings to surge in the financial year end of February, because of the strength of the technology sector and despite Covid-19-related challenges.

“All of the group’s divisions delivered strong results and operating cash flows, and the group ended the 2021 financial year with enhanced liquidity and significantly reduced net debt,” Datatec said in a trading statement yesterday.

The group incurred once-off Covid-19-related and restructuring costs of $22 million (about R309m) that were excluded from underlying earnings.