Diluted headline loss per share of 136cps (1H24: 117cps). No
dividend declared.
Turnover growth +3.7% y-y. Like-for-like growth of 2.3% y-y. Boxer
growth strong at 12.0% y-y but PnP sales only +0.1% y-y. Rest of
Africa down -6.9% y-y due to Zambia currency devaluation.
GPM drop from 18.5% to 17.9% due to price investment and
competitive environment. PnP impacted by lower supplier incentives
and new franchise agreement.
Expenses increased by 1.8% y-y with the expense-to-sales ratio
decreasing from 20.6% to 20.3%. Benefitted from lower
loadshedding costs, lower depreciation and restructuring costs LY.
Operating margin stable at 0.1%, with PnP at -2.0% and Boxer at
4.1%.
Cash of R3.7bn (1H24: R2.4bn). Gross debt dropped from R6.2bn
in 1H24 to R6.0bn in 1H25. Rights offer of R4bn completed, restoring
Equity to R2.8bn (-R183m at FY24).
Sales first 8 weeks -1.0% y-y for PnP SA and +9.6% y-y for Boxer.
Results for 2H25 expected to be meaningfully better.
