Diluted HEPS up 4.4% y-y to 1007cps (FY24: 965cps) with full
year DPS of 390cps (FY24: 350cps).
Turnover growth +3.6% y-y, with TFG Africa +3.7%, TFG London turnover +16.4% in GBP (but excl. White Stuff, sales -8.6% y-y),
TFG Australia turnover down 2.6% y-y in AUD.
GPM improved 150bps to 49.4%.
Expense growth of 7.3% y-y with the expense-to-sales ratio increasing from 44.3% to 45.9%.
OPM up from 10.6% in FY24 to 10.9% in FY25, aided by higher GPM and a 9.9% y-y increase in Other income.
Inventory increased by 23.6% y-y.
Capex reduced from R2.0bn to R1.8bn (capex-to-sales of 3.1%).
Gross debt increased from R8.7bn in FY24 to R10.0bn in FY25.
Cash dropped from R3.8bn in FY24 to R3.2bn in FY25.
Outlook: First 8 weeks ended 24 May, TFG Africa’s sales up 9.9% y-y, TFG London +10.8% y-y (-1.7% excluding White Stuff), TFG Australia -3.4% y-y.
