Diluted HEPS 39.4cps (+12.5% y-y).
Revenue growth +0.5% y-y to R8.9bn.
Expenses grew 10.1% y-y, with expenses to sales up by 510bps to 58.8%.
OPM declined to 3.2% (FY23: 5.4%).
Dividend of 11cps (FY23: nil).
Gross debt fell from R648m to R428m. Net cash improved from R86m to R330m.
The Services cluster revenue growth (+6.0% y-y) was driven by net growth in membership in schemes under management.
Pharma cluster operating profit grew 7.3% y-y, albeit from a low base. This was offset by Pharmaceutical sales which were negatively impacted by a slowdown in OTC and front-shop sales, lower adherence, reduction in SEP and uncertain consumer spending patterns.
The Primary Health Insurance book has seen a 25.1% increase off a low base and the Gap cover book size has increased by 27.9%.
Impairments of R130m in Activo Group, and R100m relating to Pharmacy Direct and Curasana impacted Act’s profitability.
