Diluted HEPS 806cps (-6.5% y-y) and DPS of 529cps
(FY23: 565cps). Dividend cover maintained at 1.5x.
Turnover growth +3.9% y-y with Truworths Africa down
-3.2% y-y and Office UK +10.8% y-y (in GBP).
GPM down from 52.5% to 52.3%, with Truworths Africa’s GPM
lower at 54.9% (FY23: 55.4%) and Office higher at 47.0% (FY23:
45.2%).
Expenses to sales ratio increased from 39.1% to 39.5%, with
expense growth of 5.1% y-y.
Operating margin increased from 18.2% in FY23 to 20.4% in
FY24. This is, however, due to the reversal of previous
impairments to Office UK (R1 019m; this is in EPS but excluded
from HEPS). Adjusted, comparable OPM is 15.1% in FY24.
Debtors book down -2.1% y-y. Doubtful debts allowance drop
from 20.6% to 20.3%. Net bad debt to book 18.2% (FY23: 14.8%)
Cash decreased to R298m net overdraft (FY23: R527m net cash)
while gross debt increased to R1.5bn (FY23: R1.4bn).
Sales in first 9 weeks of FY25 up 5.0% y-y, with TRU Africa
+2.5% y-y and Office UK +11.2% y-y (in GBP).
