Diluted HEPS 18.7cps (+10.0% y-y).
Turnover increased by 18.3% y-y to R1 003m.
OPM decreased from 24.6% to 22.0%.
Expenses increased by 17.3% y-y with expense to sales decreased from 79.1% to 78.4%
Dividend of 6.0cps.
Cash generated from operating activities decreased from R181m to R-17m.
Average group occupancies improved from 57.0% to 61.0%.
Average room rates for the year have increased 9.0% y-y.
All outstanding borrowings have been settled (2022: R300m) as at 31 December 2023. The group has access to R600m in available debt facilities and a R115m overdraft facility.
The sale of the City Lodge Katherine Street property is still in progress. The due diligence has been concluded, however there are still a few conditions precedent to be fulfilled prior to transaction completion.
