AYO financially strong, says chief executive Howard Plaatjes

AYO TECHNOLOGY Solutions late on Friday announced its audited consolidated financial results for the year to August 31 which showed it is in a good financial position to grow. Post a review of the preliminary condensed consolidated results, which were issued in December 2019, the auditors have expressed an unqualified audit opinion. There were some changes in the reported consolidated financial position of the company. A highlight in the changes included a difference in the cash balance that confirmed the leading black-owned and managed ICT company has “a vastly improved financial performance”, a statement said. “The company is financially strong with large cash reserves for the right acquisitions,” said chief executive Howard Plaatjes. AYO has faced a barrage of media attention since listing, “much of it ill-informed”, which had put pressure on the company and caused it to be subjected to intense scrutiny. “AYO has fully co-operated during this review process and has welcomed the opportunity to reassure the market. The announcement of our audited financial results, which have undergone intensive and rigorous review, reflects that AYO is a sound entity with appropriate governance in place. We trust this will now afford us the right to operate fairly and in an environment where we can continue to deliver on the group’s true potential,” said Plaatjes. AYO non-executive chairperson Dr Wallace Mqoqi said: “We are moving forward into 2020 with undimmed optimism… and with an established pipeline of excellent propositions that will further enhance AYO’s profitability.”