Diluted HEPS increased by 7.8% y-y to 349.5cps (1H25: 324.2cps).
The group delivered strong results in both the Lucky Star foods and Wild caught seafood businesses which helped to offset the weaker results from the Fishmeal and fish oil businesses, which were affected by lower industrial fish catch volumes in South Africa and weaker global prices for fish oil and fishmeal.
Revenue decreased by 6.0% y-y to R4 877m.
Gross margin up by 30bps to 28.1%.
Operating margin up by 60bps to 13.6%.
Operating expenses decreased by 9.0% y-y, with operating expense to revenue of 14.1% (1H25: 14.6%).
Dividend of 110.0cps (1H25: 110.0cps).
Cashflow from operations improved from -R279 to R1 243m. This improvement was mainly due lower volumes of fish procured by Lucky Star foods. With the lower inventory carried into the second half, proactive management will be required to maintain consistent market supply until stocks are sufficiently replenished.
Gross debt decreased from R4 325m to R2 192m, while net cash decreased from R827m to R458m. Net debt-to-EBITDA decreased from 2.08x to 1.07x
