1H23 diluted HEPS of 486.1cps (+10.8% y-y).
Turnover growth +6.0% y-y (-0.3% y-y comp growth). Topline growth impacted by loadshedding and disruptions due its ERP system implementation.
GPM improved 50bps from 39.4% in 1H22 to 39.9%% in 1H23, due to unrest stock write-offs in prior period.
Expenses to sales ratio dropped from 28.9% to 28.8% with expense growth 5.9% y-y.
Operating margin improved from 14.4% in 1H22 to 15.3% in 1H23.
Dividend of 312.5cps (1H22: 297cps).
Significant increase in inventories (+35.6% y-y) as stock secured earlier in view of supply chain uncertainties.
Cash position drop from R3.9bn to R3.3bn, remains debt free. However, R3.6bn was paid for Studio 88 after the period end.
Acquisition of Studio 88 effective in 2H23 (4 Oct 2022).
