Cape Town - The share price of JSE-listed IT company EOH fell by just over 20% on Wednesday, after it announced a drop in its headline earning per share for the six months ended January 31 2018. 

EOH [JSE:EOH] in a market update, said its HEPS would be down between 20% and 30% over the corresponding period last year. 

Its total revenue for the six months is expected to be approximately R8.4 billion, an increase of about 16%. 

Earnings before interest, tax, depreciation and amortization, or EBITDA, is expected to be between R980m and R1.035bn. This would correspond to decline of between 5% and 10%. 

“Despite the challenging general market conditions during this period, most areas of the business coped well,” said EOH in a statement. “However certain areas in the business, particularly those operating in the public sector, have under-performed and did not timeously adjust their cost base.”

At 13:00 EOH shares were trading at R58.51 a share, down 21.71% on the day.