Strong results with diluted HEPS up 10.1% y-y to 1 379cps.
Dividend of 897cps (FY24: 810cps) on stable cover of 1.5x.
Turnover growth +7.8% y-y (comp sales +3.4% y-y).
GPM improved by 80bps to 40.2% due to lower markdowns, improved sourcing practices and operational efficiencies.
Expenses-to-sales ratio increased from 28.2% to 28.8% with high expense growth of 10.0% y-y.
Operating margin improved from 14.5% to 14.7%.
Capex of R797m, capex-to-sales dropping from 2.5% to 2.0%.
Strong cash generation with cash position up from R2.8bn to R4.1bn, MRP remains debt-free.
The 3 acquisitions in recent years delivered combined operating profit of R1.2bn in FY25.
Outlook: Group sales in 1Q26 to 31 May up 11.6% y-y, with all trading divisions gaining market share in April.
Capex forecast for FY26 c. R1.6bn with 200 new stores planned, and increased investment in supply chain and tech.
