Lewis (LEW) 1H23 – Results Snapshot

Diluted HEPS 384.5cps (+18.6% y-y).
Revenue up by 4.3% y-y to R2.1bn in 1H23.
GPM down 81bps from 40.2% in 1H22 to 39.3% in 1H23
Expense growth +4.31% y-y, with operating costs to revenue ratio increasing to 55.5% (55.3% in 1H22).
OPM decreased to 15.2% (LY: 16.6%)
LEW gross debt increased to R432m, (LY: nil) with Net Cash falling to R241m (LY: R390m).
Repurchased 3.8m shares at a cost of R192.2m during 1H23.
Interim dividend remained constant at 195.0cps.