Consumer Research Africa

HomeChoice (HIL) FY23 – Results Snapshot

Diluted HEPS 306.5cps (+8.8% y-y).
Revenue slightly up by 0.6% y-y to R3 672m. Weaver FinTech observed revenue growth of 30.5% y-y to R1 886m.
Retail GPM down 350bps to 43.0%. This was due to foreign exchange headwinds and increased markdowns to trade out overstocked inventory.
Expense growth of 2.0% y-y with expense to sales ratio up 90bps 64.9%.
OPM improved to 16.9% (FY22: 13.2%%).
Dividend of 153.0cps (FY22: 141.0cps).
Gross debt up to R1 944m (FY22: R1 527m) with net cash increasing to R83m (FY22: R14m).
Debtor costs well managed, growing 2% y-y. Weaver Fintech debtor costs increased by 28% y-y, below its revenue and book growth rates.
Gross merchant value (GMV) grew 104% to R1.5bn and generated BNPL fees of R81m (FY22: R41m).