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Distribution per share 221.28c bringing the total DPS to 440.25, 8.6% increase y-y. Outlook for FY25 is a 5.5% increase in DPS, or 464.46 per share. Distributable income grew 8.4% from R1.36bn to R1.48bn. SA REIT LTV ratio increased 2.7% from 35.2% to 37.9%. Increased shareholding of LTE by 51.3m shares, through scrip dividends. Cash on balance sheet decreased to R36.95m. Retail vacancies in SA up from 1.9% to 2.1%. Retail vacancies in Spain at 2.1%. French vacancies down from 7.5% to 5.8%. NAV per Share increased from R66.28 to R69.71, up 3.43% y-y.

Key points from Libstar Holdings (LBR) FY24 results presentation

Key points from Supergroup's (SPG) 1H25 results presentation

WBHO’s performance in 1H25 was solid, driven by strong performances from roadwork and civil engineering. It was able to maintain a healthy order book, though it experienced declines in building and civil engineering work. Growth in the order book came from a string of large awards from Sanral during the half and post-period end, as well as an improvement in the UK order book. While the UK order book has increased, it has not recovered to optimal levels to aid revenue growth and expand margins. According to management, the UK market remains tough and they hope further rate cuts and moderating inflation could help boost activity and improve project viability. Although the UK market may be subdued and faces the threat of a trade war, our analysis shows that there are opportunities for growth. In this report, we analyse the effect of continued negative macroeconomic factors in the UK, compare WBHO to its regional peers, and show that there is sufficient work in the market, more specifically in the West Midlands, North West and London, the areas where it focuses. We also assess the building and roadwork markets in SA. Though building activity in SA continues to decline, there are green shoots in certain provinces. The recovery in FY25 Sanral awards and planned spending by the National Roads Agency also bode well for growth in the sector and for WBHO. We expect the second half of the year to be tougher for WBHO, as many project awards were delayed and are unlikely to contribute to FY25. However, the strong pipeline of civil engineering and roadwork, coupled with the improved outlook for SA, provide us with confidence in the group’s growth prospects in FY26.

Diluted HEPS of 42.1cps (FY23: 47.7cps). The prior period has been restated due to the Chet Chemicals division being disposed of and consequently classified as a discontinued operation. Revenue from continuing ops increased by 3.1% y-y to R11 774m. Selling price inflation and mix changes contributed 6.3% y-y to sales growth. Sales volume declined by 3.2% y-y as the Group experienced a decline in its Retail and Food Service channels. Gross profit margin from continuing ops down by 30bps to 21.0% due to margin pressures in the Dairy and Dry Condiments sub-categories, as well as the margin impact in value-added meats. Operating margin from continuing ops down by 500bps to -0.4%. There were large impairments during the year of R509m which impacted the group’s operating profit. Operating expenses increased by 7.1% y-y with operating expense to revenue of 17.2% (FY23: 16.5%). Dividend of 15.0cps (FY23: 15.0cps). Cashflow from operations increased by 13.8% y-y to R485m. Gross debt stable at R1.5bn, while net cash increased from R197m to R293m. Net debt to EBITDA decreased from 1.38x to 1.22x.

1H24 figures restated to reflect SG Fleet and inTime as discontinued ops. Diluted HEPS from continuing ops of 104.8cps (restated 1H24: 138.0cps). Turnover decreased by 7.8% y-y to R23 674m, 1H24 restated to R25 674m, driven by the poor results in the UK Dealerships and the Supply Chain Africa Commodity businesses. Expenses decreased by 7.6% y-y with expense-to-sales increasing from 94.0% to 95.9%. OPM decreased by 190bps to 4.1%, impacted by weaker margins in the Supply Chain Africa Commodity businesses and Dealerships UK. Profit from discontinued ops. of R655m (1H24: R469m), the significant increase is attributable to ceasing depreciation and amortisation on the SG Fleet and inTime operations under IFRS 5. No dividend. Cash generated from operating activities improved from -R1 512m to R510m.

Key points from MTN Group's (MTN) FY24 results presentation

Key points from Sun International's (SUI) FY24 results presentation

Diluted HEPS of 97.0cps (FY23: 310.0cps). Revenue decreased by 15.0% y-y to R188 001m, largely driven by a decline in revenue from Nigeria and the MENA segments. EBITDA margin down by 330bps to 37.3%. Net total expenses decreased by 8.1% with net total expense to revenue of 102.3% (FY23: 94.7%). Dividend of 345.0cps (FY23: 330.0cps). Cashflow from operations decreased by 26.9% y-y to R46 817m. Gross debt decreased from R84.1bn to R79.4bn, while net cash decreased from R36.6bn to R29.1bn. Net debt to EBITDA increased from 0.53 to 0.72. Financial results impacted by foreign exchange devaluation, particularly the naira, as well as the conflict in Sudan.

FY23 figures restated to reflect TCN as discontinued ops. Diluted HEPS 496.0cps (+17.5% y-y), FY23 restated to 422.0cps. Net Income increased by 5.1% y-y to R12 575m, FY23 restated to R11 970m. Turnover from net gaming wins increased by 3.6% y-y to R9 585m, FY23 restated to R9 250m. Turnover from other revenue increased by 9.9% y-y to R2 990m, FY23 restated to R2 720m. Expenses increased by 5.0% y-y while expense-to-sales remained flat at 78.9%. OPM remained flat at 21.1%. Dividend of 398.0cps (FY23: 351.0cps). Cash generated from operating activities down 3.1% y-y to R3 118m. Gross debt decreased by 18.5% y-y to R5 945m. Discontinued Nigerian ops accounted for R815m of debt in the prior period. The transaction purchase price payable by RFC to SUI for TCN amounted to US$14.55m, the proceeds received (US$10.8m) have been applied against SUI’s debt.

Key points from Spar Group (SPP) Capital Markets Day - Day 3

Italtile (ITE) reported lower top-line growth but improved margins due to stringent cost-control measures in 1H25. The half was underpinned by a tough trading environment in the first quarter, but this was partially offset by a stronger festive trading period. Retail turnover was buoyed by strong demand during the festive period, with retail sales growing ahead of the Hardware market, as measured by Stats SA. We believe this was primality driven by Two-Pot retirement withdrawal spending, particularly in decorative products. The group is overstocked by c. R200m, with clearance sales being implemented to reduce inventory. This could adversely affect Retail GPM, as ITE was unable to pass on price increases during the period. The Manufacturing segment continues to weigh on the group’s results, with the Vitro and Samca Wall factories mothballing one kiln each due to subdued demand and rising unit costs. It is likely that ITE will decide to mothball more kilns in an attempt to contain costs and protect margins. At the same time, the group is aware of changing fashion trends towards rectified tiles, and it is adding rectification lines to produce large-format rectified tiles to compete with products made by Chinese manufacturers. Sasol has extended its supply of LNG from 2027 to June 2028, which should provide some relief to ITE as it tries to find a long-term solution to its energy needs at Ceramic Industries. Any alternative, such as converting kilns for coal-to-gas technology, will elevate capex, but ITE has been increasing its cash balances, likely to fund energy initiatives without having to use debt. Coal-to-gas conversion is expected to lead to an outflow of R100m per kiln, or c. R1bn to convert all kilns in the manufacturing facilities.