RFG Holdings (RFG) 1H23 – Results Snapshot

Diluted HEPS of 82.9 cps (1H22: 60.3 cps).
Group turnover growth of +10.2% y-y (1H22: +20.9% y-y).
GPM up +260 bps to 24.7% (1H22: 22.1%).
Operating margin up to 9.2% (1H22: 7.0%).
Expense to sales down to 15.9% (1H22: 16.6%).
Interim dividend of 45.8 cps (1H22: 29.1 cps).
Positive revenue growth across Regional and International divisions driven by 14.8% price inflation, while sales volumes were down. Group volumes down 8.5%.
The Regional operating margin improved, supported by the improved performance of the pie category and the integration of the Today business acquisition.
Continued growth in fruit juice, with dry foods and meat divisions also posting revenue growth.
International revenue up +13.2% y-y, with a strong recovery in operating margin driven by robust international selling prices and a weaker Rand.