Diluted HEPS of 166cps (+9.4% y-y), with DPS of 118cps (1H25: 107cps). Group turnover and concessions sales up 5.4% y-y (6.1% y-y in constant currency), with Food +7.0% y-y, FBH +6.2% y-y and CRG +2.3% y-y (in AUD).
GPM decreased from 34.9% to 34.3%, due to increased LT and price investments, and increased promotions to clear stock.
Food GPM down 10bps, FBH down 50bps, and CRG down 100bps.
Expenses controlled at +3.4% y-y with expense-to-sales ratio improving from 28.8% to 28.3%.
OPM increased from 6.9% to 7.2% (adjusted for non-core expenses and capital items).
Capex-to-sales eased from 4.1% to 3.4%.
Gross debt rose to R9.4bn (1H25: R7.7bn) while cash increased from R3.0bn to R3.7bn.
Outlook: SA showing signs of recovery, but inflationary pressures in Australia with rate hikes likely to temper recovery in consumer spend.
