Diluted HEPS 255.1cps (-13.2% y-y).
Turnover increased by 7.7% y-y to R6 621m.
GPM decreased by 50bps to 19.2%.
OPM decreased by 60bps to 5.5%.
Expenses increased by 7.6% y-y while expense to sales remained flat at 13.7%.
Dividend of 146cps.
Cash generated from operating activities up +3.3% y-y to R108m.
Strong growth in revenue from the car hire segment of 20.9% y-y helped offset a 28.0% y-y increase in the average vehicle holding cost.
The retail motor segment’s new vehicle margins have contracted due to consumers stressed by high inflation and maximum debt capacity. The used car market has been similarly affected by the weak economy. Prices have trended downwards having been negatively influenced by significant discounts in the related new car market, and periodic dumping of retired vehicles by the car hire industry.
