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Unaudited Group Results for the six months ended 31 December 2024
CAXTON&CTP LIMITED
publishers & printers
Incorporated in the Republic of South Africa
Registration number: 1947/026616/06
Share code: CAT
ISIN: ZAE000043345
Preference share code: CATP
ISIN: ZAE000043352
UNAUDITED GROUP RESULTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
Unaudited Unaudited Audited
six six for the year
months to months to ended
31 December 31 December 30 June
% 2024 2023 2024
change R'000 R'000 R'000
Revenue (1.6) 3 630 629 3 689 853 6 647 728
Profit from operating activities before depreciation and amortisation 13.2 476 924 421 452 927 225
Profit from operating activities after depreciation and amortisation 14.7 347 258 302 776 657 904
Profit for the period 23.5 346 047 280 181 657 358
Cash and cash equivalents 30.2 2 356 390 1 810 126 2 505 765
Earnings per ordinary share (cents) 28.2 96.5 75.3 182.9
Headline earnings per ordinary share (cents) 12.3 95.5 85.1 196.1
Net asset value per share (cents) 7.6 2 222 2 065 2 162
Ordinary dividend per share (cents) - - 60.0
COMMENTARY
The group delivered a solid set of half-year results in the face of an economy showing limited prospects for
growth. Overall revenues declined marginally, where growth in the packaging segment was offset by a decline
in the publishing and printing segment of our operations. The improvement in profitability can be attributed
to optimal sourcing of raw materials, improved efficiencies in our operations especially where investment in
equipment has been made, and a focus on containing operating costs.
Revenues declined by R59,2 million (1.6%) from R3 689,9 million to R3 630,6 million. Although some of the
difficult trading conditions eased (owing to reduction in interest rates, no loadshedding and some reprieve on
the fuel price) this has yet to manifest itself in any significant improvement in consumer spending.
Revenues in our packaging division showed some growth (3.9%) but this was more than offset by declines in
advertising media and printing revenues (-8.1%).
With no top line growth, it was extremely important to focus on sourcing of raw material inputs as well
as managing operating expenses. Here the management team performed extremely well and managed to
capitalise on pockets of well-priced raw materials and with some improvement in the exchange rate, this
positively impacted the operations performance. Staff costs increased by R8,7 million (1.4%) as certain
efficiencies were extracted from operations where capital expenditure has been well spent. In addition, where
volume throughput has declined significantly, the realignment of staffing structures was implemented. Other
operating expenses increased by R9,7 million (1.7%), with efficiencies driven by reduced distribution costs,
lower diesel costs due to reduced loadshedding and the benefits of the solar rollout on electricity costs.
All other costs were well managed and will be a continued focus going forward.
Profit from operating activities before depreciation and amortisation increased by R55,5 million (13.2%), and
after depreciation of R129,7 million, profit from operating activities increased by 14.7% to R347,3 million.
Headline earnings per share increased by 12.3% from 85,1 cents per share to 95,6 cents per share, and
Earnings per share increased 28.2% from 75,3 cents per share to 96,5 cents per share. The increase in
Headline earnings per share is the result of improved trading profitability, and the material increase in
Earnings per share is attributable to the loss on the disposal of the investment in Novus Holdings Limited
(R45,2 million) in the previous year.
The Group's cash and cash equivalents increased by R546,3 million from R1 810,1 million to end at
R2 356,4 million. Cash balances reduced from the 30 June 2024 year end by R149.4 million to support peak
season working capital requirements.
Prospects
We do not expect any material changes to trading conditions in the run up to our June financial year end.
Our businesses are well poised for any uptick in consumer demand but the likelihood of that remains uncertain.
The focus will continue to be to drive efficiencies, exploit pockets of market growth and look for the right
acquisition opportunities.
Statement
This short-form announcement is the responsibility of the directors and is only a summary of the information in
the full announcement and does not contain full or complete details.
The full announcement will be released around 4th March 2025 and can be found on the company's
website at https://www.caxton.co.za/about/announcements and also on the following link:
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/CAT/CATIR2025.pdf
The full announcement is available at the Company's registered office and the offices of the sponsor during office hours.
Any investment decision should be based on the full announcement published on the Company's website.
By order of the board
4 March 2025
Executive Directors:
TD Moolman, TJW Holden, LR Witbooi
Non-executive Directors:
PM Jenkins, ACG Molusi, NA Nemukula, JH Phalane, T Slabbert
Transfer Secretaries:
Computershare Investor Services Proprietary Limited
Sponsor:
AcaciaCap Advisors Proprietary Limited
Registered Office:
368 Jan Smuts Avenue, Craighall Park, Johannesburg, 2196
Company website: http://www.caxton.co.za
Date: 04-03-2025 11:52:00
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