Diluted HEPS fell 33.4% y-y to 671cps (FY25: 1007cps) with full year DPS of 270cps (FY25: 390cps).
Turnover growth +7.1% y-y, with TFG Africa +5.0% y-y, TFG London turnover +29.4% y-y in GBP (but excl. White Stuff, sales flat), TFG Australia turnover down 1.5% y-y in AUD.
GPM decline 120bps to 48.2%, with TFG Africa down 100bps.
High expense growth of 11.4% y-y with the expense-to-sales ratio increasing from 45.9% to 47.7%.
OPM declined from 10.9% in FY25 to 7.9% in FY26, affected by lower GPM and high expense growth.
Capex increased from R1.8bn to R2.0bn (capex-to-sales of 3.2%).
Gross debt increased from R10.0bn in FY25 to R11.1bn in FY26.
Cash dropped from R3.2bn in FY25 to R3.1bn in FY26.
Impairment of R1.0bn for Phase Eight (UK) and Tarocash (Aus).
Outlook: First 9 weeks ended 30 May, TFG Africa’s sales up 2.2% y-y, TFG London +1.7% y-y, TFG Australia -2.3% y-y. Challenging conditions across all three regions. Management continues to review operating costs, capex and store economics.
