News Summary

• iOCO Ltd (JSE:IOC) has returned to profitability for the first time in three years.
• The company has significantly reduced its debt by 354 million rand, improving its balance sheet.
• Recurring revenue has increased to 48% from 37% last year, indicating a stronger revenue base.
• Despite improvements, the company continues to face challenges in optimizing its working capital cycles.
• There is a risk associated with the company's strategy to pursue acquisitions, as not all potential acquisitions may yield the desired value.