Diluted HEPS of 92.0cps (1H24: 49.0cps).
The solid results were primarily attributable to higher hake catch rates, significantly improved pricing and efficiency gains in the hake business. This was complemented by good volume growth in the pelagic business and increased milk flow in the dairy business.
Revenue increased by 33.9% y-y to R4 422m. This comprised of organic growth of 13% y-y as a result of good volume growth across all businesses and significantly improved pricing in the hake business, and acquisitive growth of 21% y-y.
GPM down 20bps to 28.4%.
Operating expenses increased by 13.8% y-y, while expense-to-sales decreased from 20.2% to 17.2%.
OPM up 490bps to 14.3%.
No dividend (1H24: nil).
Cashflow from operations increased from R71m to R479m.
Gross debt decreased from R3 412m to R3 184m, while net cash increased from R206m to R303m. Net debt to EBIT decreased from 5.16x to 2.72x.
