Diluted HEPS of 54.0cps (FY23: 97.0cps).
Revenue increased by 15.7% y-y to R7 178m.
Gross margin up by 190bps to 26.2%.
Operating margin up by 60bps to 8.1%.
Operating expenses increased by 20.4% y-y largely as a result of inflationary increases and the inclusion of Sea Harvest Pelagic and Aqunion expenses. Operating expense to revenue of 19.8% (FY23: 19.0%).
PBT margin down by 90bps to 4.6% as a result of a 31.5% y-y increase in interest expenses.
Dividend of 22.0cps (FY23: 40.0cps).
Cashflow from operations increased by 71.9% y-y to R774m.
Gross debt increased from R2.6bn to R3.2bn, while net cash increased from R225m to R290m. Net debt to EBITDA increased from 2.68 to 2.72.
SHG was impacted by hake catch rates at historical lows, weak market conditions in abalone, continued soft global prawn pricing, and high interest rates. This was offset by strong demand and improved pricing in hake, a solid performance from the newly acquired Sea Harvest Pelagic business, and a firm result from Ladismith despite challenges from foot-and-mouth disease.
