Diluted HEPS 59cps up 354%% y-y from 1H22 HEPS of 13cps.
Strong growth in revenue (+16.0% y-y), driven by a strong performance by McConnell Dowell (+22.5% y-y).
GPM fell by 90bps to 6.7%.
OPM decreased from 1.7% to 1.2%
Expenses to sales improved from 6.2% to 5.6%.
No dividend declared.
Order book improved from R29.1bn to R45.3bn, driven by McConnell Dowell.
Trident Steel disposal is progressing and structured as a “locked box” transaction (ticking fee of R7.45m per month).
Purchase consideration of R691m. Net cash amount of R273m and the “lock box” fee (c. R89.4m) will become due upon sale.
