NAIROBI: Altech released their end year revenue results and have reported a sharp decline of 27% earnings per share from 529c to 388c. (Per share) The poor performance was majorly contributed by poor operations in West and East Africa regions and it further states that it is dealing with existing issues at Kenya Data Networks (KDN). Altech stated that: “This has taken a lot of management time but certain of these issues have now been resolved or are in the process of being resolved.” Altech added: “Another key initiative is restructuring the different East African operations into a more regionally-focused business.” “Closer collaboration between these operations is already having a positive impact and is the first step in providing regional unity and a single interface for key customers.” Their next step is to implement an “optimal regional operating structure”. This will be focussing on KDN operations as they are on the lower scale of performance. “KDN, specifically, is trading below expectations and has been heavily impacted by the cancellation of a major client's dark fiber business,” the group says. Craig Venter, CEO at Altech Group further concluded that: “Results from our East and West Africa operations were disappointing. However, we remain positive that the remedial measures we have put in place in East Africa will have a positive effect in the future.”
