Diluted HEPS of 151.8cps (-24.6% y-y), with weak performance
in apparel businesses and a substantial GPM decline.
Group turnover and concessions sales up 5.7% y-y (6.2% y-y in
constant currency), with Food +11.4% y-y (+9.0% excl. Absolute
Pets), FBH +2.5% y-y and CRG -6.2% y-y (in AUD).
GPM decreased from 36.7% to 34.9%, as CRG margins dropped
by 320bps and FBH by 170bps. Food GPM improved by 30bps.
Expenses controlled at +4.5% y-y with expense to sales ratio
improving from 29.1% to 28.8%.
OPM decreased from 8.4% to 6.9%, declining 13.3% y-y.
Adjusted for non-core expenses and capital items, operating
profit increased by 8.8% y-y.
Dividend of 107cps (1H24: 148cps).
Gross debt rose to R7.7bn (1H24: R5.5bn) while cash increased
from R1.4bn in 1H24 to R3.0bn in 1H25.
Outlook remains challenging in both regions. Management will
reassess the carrying value of the assets of underperforming
brands in CRG in 2H25 (potential impairments likely, in our
view).
