Diluted HEPS increased by 287% y-y to 209.0cps.
Revenue from cont. ops increased by 20.2% y-y to R6 643m.
Gross margin from cont. ops up by 380bps to 34.1%.
Operating margin from cont. ops up by 880bps to 17.7%.
The strong performance was driven primarily by higher hake catch rates and significantly higher hake pricing, efficiency gains, and determined cost control measures across the group.
Operating expenses from cont. ops increased by 3.8% y-y, with operating expense to revenue of 20.3% (FY24: 23.5%).
Dividend of 76.0cps (FY24: 22.0cps).
Cashflow from operations increased by 83.0% y-y to R1 416m.
Gross debt decreased from R3.2bn to R2.4bn, while net cash decreased from R290m to -R88m. Net debt to EBITDA decreased from 3.06x to 1.50x.
Ladismith Cheese has been disclosed as a discontinued operation, following the disposal announcement on 21 November 2025. Previous year comparative information has been restated. The disposal is accretive at the operating profit margin level and marginally dilutive at the HEPS level.
The proceeds of the disposal will be used to repay a portion of the long-term debt of Sea Harvest’s South African business.
