Caxton (CAT) 1H24 – Results Snapshot

Diluted HEPS 85.1cps (-6.2% y-y).
Turnover decreased by 3.3% y-y to R3 690m and included the effect of the sale and closure of a subsidiary (accounting for R163.7m of the revenue decline).
OPM decreased from 12.0% to 7.0%.
Expenses decreased by 1.8% y-y while expense-to-sales increased from 88.1% to 89.5%.
No dividend.
Cash generated from operating activities improved from -R359m to R119m.
The publishing and printing operations faced reduced printing throughputs and overall media advertising revenues, as national retailers reduced their spending to take account of the constrained consumer behaviour.
The absence of growth in revenue and margin decline was to some extent offset by reduced staff and operating costs. Staff costs declined by R18.4m (-2.8% y-y) and operating costs by R48.2m (-7.6% y-y).