TFG 1H23 Results Snapshot

Diluted HEPS of 461cps (+17.7% y-y) with DPS flat at 170cps.
Turnover growth +23.5% y-y, however prior year base was impacted by lockdowns in UK and Australia, and unrest in SA. Management previously reported sales lost of R700m in prior year due to unrest. Tapestry included for 2 months in 1H23.
GPM improved to 49.3% (1H22: 48.8%).
Expenses growth of 19.6% y-y with the expense-to-sales ratio dropping from 46.3% to 44.9%.
OPM improved from 9.8% in 1H22 to 11.1% in 1H23.
Gross debt increased significantly from R6.5bn in 1H22 to R12.2bn in 1H23. Cash dropped from R5.7bn in 1H22 to R5.3bn in 1H23.
Tapestry acquisition effective from 1 Aug 2022 (2 months in 1H23), acquisition cost R2.2bn