Diluted HEPS of 391cps (-15.2% y-y) with DPS lower at 150cps
(1H23: 170cps).
Turnover growth +12.4% y-y, with TFG Africa +17.3% y-y
(11.9% y-y excl. Tapestry acquisition), TFG London -10.5% y-y (in
GBP) and TFG Australia -7.2% y-y (in AUD). Declines attributed
to unsustainable post-Covid boost.
GPM down 200bps to 47.3% (1H23: 49.3%).
Expenses growth of 11.9% y-y with the expense-to-sales ratio
dropping from 44.9% to 44.7%.
OPM dropped from 11.1% in 1H23 to 10.0% in 1H24.
Gross debt reduced from R12.2bn in 1H23 to R10.6bn in 1H24.
Cash dropped from R5.3bn in 1H23 to R2.9bn in 1H24.
Street Fever was acquired on 23 Jan 2023.
Conservative store opening plans for 2H24.
TFG Africa soft base from 4Q24, TFG London outlook cautious,
expect TFG Australia consumer to remain resilient.
