Diluted HEPS down 6.9% y-y to 123.0cps.
Revenue decreased by 0.8% y-y to R9 064m.
Group GPM declined by 250bps to 40.7%.
Expense growth of 0.8% y-y with expense-to-sales ratio increasing by 30bps to 22.6%.
OPM decreased by 270bps to 22.7%.
Dividend of 49.0cps (FY23: 53cps). Special dividend of 78.0cps (FY23: nil) due to the Group’s strong cash generation and cash reserves being in excess of operational requirements.
Gross debt of R500m (FY23: R500m) with net cash increasing to R1 844m (FY23: R1 049m).
In the Retail segment, like‑for-like sales volumes were down and sales value reduced by 2% y-y. Average selling price inflation was 2.1%.
Ceramic Industries’ inability to optimise manufacturing capacity in its tile factories and leverage economies of scale resulted in a 26% decrease in profits, which impacted ITE’s results.
