Diluted HEPS 177.3cps (-30.5% y-y).
Turnover decreased by 1.3% y-y to R6 534m.
GPM decreased by 30bps to 18.9%.
Expenses increased by 4.9% y-y while expense-to-sales increased by 90bps to 14.6%.
OPM decreased by 120bps to 4.3%.
Dividend of 102.0cps (LY: 146.0cps).
Cash generated from operating activities up from R108m to R235m.
The Group’s new vehicle unit sales recorded a fall of 8% y-y, in line with the national market regarding passenger and light commercial vehicles.
Used vehicle unit sales were down 7% y-y but trading margins showed some improvement.
First Car Rental experienced its toughest trading period since Covid. The industry was over-fleeted and rather than shift the excess to the used car market, it was prepared to accept lower utilisation and average daily hire rates. Thus, the daily hire rate fell 8% y-y, but holding costs reduced by 16% y-y by procuring vehicles at favourable prices.
