Diluted HEPS 450cps (-0.5% y-y) with no dividend (1H24: nil).
Turnover down -0.2% y-y, with SA +1.7% y-y and Ireland -0.6% y-y (EUR). Spar Switzerland and AWG are discontinued ops, while Poland was sold in January.
GPM increased from 10.6% to 10.7%.
Expense-to-sales ratio increased from 9.6% to 9.9% with expense growth of 1.7% y-y.
Operating margin dropped from 2.2% to 2.1%.
Capex cut to R414m (1H24: R642m) and capex to sales ratio dropping to 0.6% (1H24: 1.0%). Prioritising critical projects.
Gross debt decreased from R7.1bn to R7.8n, and net cash of R442m (1H24: net overdraft R3.3bn).
Discontinued businesses aggregate post-tax loss of R4.4bn, including impairments of R4.2bn.
Successful refinanced debt in SA and Switzerland. Divesting Switzerland and AWG will materially deleverage balance sheet.
Outlook: Post-period trading positive momentum across all regions. Expects continued margin improvement in 2H25.
