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Banking crackdown, litigation dent AYO’s growth plans

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AYO’s performance for the six months ended February shows widening losses and decrease in revenue. AYO FinancialResults

Since last year, AYO has beenAYO’s parent company, Sekunjalo Group, and 43 other companies and several prominent individuals related to Sekunjalo are fighting the banking matter.

“The current banking crisis the group faces has resulted in a significant amount of management’s time and focus on managing the banking situation and litigation, and has had a negative impact on the group’s ability to optimise its cash on hand and return on its investments,” AYO says. Loss before tax increased by 29% to R85 million, from R66 million in the previous corresponding period.

 

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