TFG FY22 Results Snapshot

Strong performance with HEPS of 1001cps (FY21: 197cps) vs consensus 968cps.
Turnover growth +31.6% y-y boosted by Jet acquisition (only 6 months in FY21 base) and low prior-year Covid base. Sales lost due to unrest of more than R700m.
GPM improved to 48.5% (FY21: 45.5%).
Expenses well controlled with the expense to sales ratio dropping from 48.8% to 43.7%.
OPM improved from 4.7% in FY21 to 11.2% in FY22.
Gross debt increased from R6.2bn in FY21 to R6.8bn in FY22. Net cash change from R4.8bn in FY21 to R5.7bn in FY22. Net gearing remains low
Dividend of 500cps (no dividend in FY21).