Diluted HEPS of 108.4cps (1H24: 80.7cps).
Revenue from continuing ops increased by 5.4% y-y to R13 558m.
Operating margin from continuing ops up by 160bps to 9.1%.
The improved result was largely due to gains in Groceries and Baking, as well as a partial recovery of the additional levy raised by the South African Sugar Association (SASA) in FY23 on the Sugar business unit, as a result of Tongaat and Gledhow suspending payment of their industry obligations.
Operating expenses from continuing ops increased by 3.6% y-y with operating expense to revenue of 90.9% (1H24: 92.5%).
Dividend of 20.0cps (1H24: nil).
Cashflow from continuing operations increased by 365.3% y-y to R449m.
Gross debt decreased from R2.3bn to R1.5bn, while net cash increased from -R368m to R150m. Net debt to EBITDA decreased from 1.09x to 0.45x.
Continuing operations relate to the remaining RCL FOODS business, comprising the Groceries, Baking, Sugar and Group (shared services) segments, post the Rainbow unbundling effected on 1 July 2024 and disposal of Vector Logistics in the 2024 financial year.
