Diluted HEPS of 324.2cps (1H24: 577.1cps). Global fish oil pricing corrected over the period following the recovery in Peruvian anchovy resource and production levels, with the lower fish oil price mainly responsible for the decrease in the Group’s headline earnings per share.
Revenue increased by 2.9% y-y to R5 186m, primarily due to increased sales volumes of canned foods, fishmeal and fish oil, hake and Namibian horse mackerel, together with firm pricing in Wild caught seafood.
Gross margin down by 630bps to 27.8%, attributable to lower fishmeal and fish oil prices and a higher proportion of lower-value bycatch and increased quota costs, in Namibian horse mackerel.
Operating margin down by 720bps to 13.0%, mainly due to the lower gross margin at Daybrook.
Operating expenses increased by 8.2% y-y with operating expense to revenue of 14.6% (1H24: 13.9%).
Dividend of 110.0cps (1H24: 195.0cps).
Cashflow from operations decreased by 181.3% y-y to -R279m.
Gross debt increased from R3 480m to R4 325m, while net cash decreased from R1 019m to R827m. Net debt to EBITDA increased from 1.06x to 2.08x.
