Diluted HEPS of 483cps (-4.3% y-y) and DPS of 317cps
(1H24: 332cps). Dividend cover maintained at 1.5x.
Sales growth +2.4% y-y, with Truworths Africa down -1.1% y-y
and Office UK +11.3% y-y (in GBP).
GPM dropped from 53.6% to 51.8%, with Truworths Africa’s GPM
falling 300bps to 53.6% (1H24: 56.6%), while Office was higher
at 48.2% (1H24: 47.4%).
Expenses-to-sales ratio decreased from 37.4% to 36.8%, with
expense growth well controlled at 0.7% y-y.
Operating margin dropped from 24.5% in 1H24 to 22.5% in 1H25,
mainly due to the lower GPM.
Debtors book contracted by 1.6% y-y. Doubtful debts allowance
increased from 19.7% to 20.9%.
Cash decreased to R593m (1H24: R1.4bn) while gross debt
stable at R1.5bn (1H24: R1.5bn).
Sales in the first 7 weeks of 2H25 were up 6.3% y-y, with TRU
Africa 4.6% y-y and Office UK +13.5% y-y (in GBP).
