Supergroup (SPG) 1H24 – Results Snapshot

Diluted HEPS 200.9cps (-15.7% y-y).
Turnover increased by 11.9% y-y to R33 216m.
OPM decreased by 50bps to 6.0%.
Expenses increased by 12.4% y-y with expense-to-sales increased from 93.5% to 94.0%.
No dividend.
Cash generated from operating activities declined from R1 080m to -R1 512m.
The South African dealerships reported revenue growth of 4.4% on the back of improved new and used vehicle sales. New vehicle sales volumes increased by 8.9% for the period while used vehicle sales volumes increased by 4.9% for the period in South Africa.
The German and UK supply chain businesses were negatively affected by a sharp decline in automotive parts distribution volumes across Europe and the adverse impact of high interest rates. The German supply chain operations were also affected by margin erosion due to excess vehicle capacity across the region.