Diluted HEPS increased to 472.2cps (+1.1% y-y). Turnover growth +2.3% y-y (+6.8% y-y ex vaccines), supported by Retail turnover growth of 5.5% y-y (+11.9% ex vaccines). Distribution turnover growth declined by -1.8% y-y. Group GPM improved by 123bps to 22.4%. Expenses to sales increased to 20.7% compared to 19.5% in 1H22. OPM% decreased to 8.2% (1H22: 8.5%). Dividend of 185cps declared, source of funds from distributable reserves and paid in cash. UPD’s performance impacted by lower increase in regulated single exit price (SEP) of medicines granted by Department of Health. Group aims to open 50 new stores and 40 pharmacies for the financial year. Acquisition of Sorbet Holdings for R105m currently awaiting competition authority approval.
