Diluted HEPS down 21.2% y-y to 291cps with DPS lower at 130cps (1H25: 160cps).
Group turnover growth of 12.7% y-y, boosted by White Stuff acquisition (+3.5% excl acquisition). TFG Africa +5.3% y-y, TFG
London +69% y-y (+0.7% excl White Stuff), TFG Australia -0.5% y-y (in AUD).
GPM down 20bps to 49.3% (1H25: 49.5%). TFG Africa GPM down 90bps due to winter clearance markdowns.
High expenses growth of 15.9% y-y with the expense-to-sales ratio rising from 47.8% to 49.1%.
OPM dropped from 9.8% in 1H25 to 7.9% in 1H26. TFG Africa EBIT down 9.7% y-y, TFG Australia down 18.4% y-y.
Gross debt increased from R10.1bn in 1H25 to R11.8bn in 1H26.
Cash stable at R2.6bn. Net debt increased by 20.9% y-y due to White Stuff acq, share buybacks and higher inventories.
Higher finance costs (+14.5% y-y).
TFG Africa sales for the first 5 weeks of 2H26 +3.7% y-y, TFG London +34.9% y-y (-0.7% excl acq), TFG Australia +0.6% y-y.
