Diluted HEPS of 401.9cps (1H24: 372.0cps).
Revenue increased by 1.1% y-y to R8 471m, driven by growth in Entyce and I&J and partially offset by the other segments.
Gross margin up by 140bps to 42.9%, underpinned by sound cost control, improved manufacturing efficiency, increased selling prices to recover rising input costs and operational leverage.
Operating margin up by 170bps to 23.2%, due to selling and admin expenses being tightly controlled.
Net operating expenses stable with net operating expense to revenue of 19.7% (1H24: 19.9%).
Dividend of 220.0cps (1H24: 202.0cps).
Cashflow from operations increased by 17.4% y-y to R1 548m.
Gross debt increased from R1.7bn to R2.5bn, while net cash decreased from R508m to R412m. Net debt to EBITDA increased from 0.30 to 0.40.
In line with I&J’s objective to simplify and focus on core operations, an agreement was entered into to dispose of the squid fishing operation undertaken by the Umsobomvu joint venture, in which I&J holds a 50% interest. During the semester, the transaction conditions were completed resulting in a capital profit after taxation of R12.6 million.
