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Trading Statement in respect of the year ended 30 September 2024
Transaction Capital Limited Nutun Investments Limited
(Incorporated in the Republic of South Africa) (formerly known as "TransCapital Investments
Registration number: 2002/031730/06 Limited")
JSE share code: TCP (Incorporated in the Republic of South Africa)
ISIN: ZAE000167391 Registration number: 2016/130129/06
("Transaction Capital" or "the group") Bond company code: TCII
LEI: 378900AA31160C6B8195
TRADING STATEMENT IN RESPECT OF THE YEAR ENDED 30 SEPTEMBER 2024
Trading Update
2024 was a watershed year for Transaction Capital as it implemented the following initiatives:
• a R1 billion capital raise at WeBuyCars followed by the distribution and separate listing of all
WeBuyCars shares, still held, to Transaction Capital shareholders;
• elimination of holding company net debt and contingent liabilities;
• disposing of operations in Nutun to strengthen its balance sheet and focus on its core businesses; and
• disposing of a controlling interest in Mobalyz to its management.
The conclusion of this strategy will be Transaction Capital ceasing to exist in its current form and being replaced
with the first listed global specialist Business Process Outsourcing ("BPO") business on the JSE, in the form of
Nutun.
While much has been achieved in the first year of this two-year process, the disappointing 2024 results are
reflective of the fact that the transition is not yet complete. The sale of Nutun Australia for a consideration of
R624 million and the sale of Nutun Transact after the year-end for a consideration of
R405 million, as well the accelerated buy-out of the 25% minorities of Synergy for R50 million, all served to
simplify the Nutun business and strengthen its balance sheet and liquidity.
Nutun has been further enhanced by the recent appointment of Ruben Moggee, an experienced leader in the
BPO industry, to run the Nutun International business with Rob Amoils being responsible for Nutun South
Africa. These leadership, structural and operational changes will need time to become embedded in the
business and these benefits are therefore not reflected in the 2024 results.
Nutun's core earnings in FY2024 were impacted by funding constraints and market pricing dynamics that
affected book acquisitions in the first half of the financial year as well as a decline in the financial health of
South African consumers. The international business was also impacted by the recalibration of a previously
concentrated client base and increased operating costs that were not yet matched by revenue growth.
Notwithstanding the difficult year experienced, with the strategic shifts described above, management
continues to have confidence in the prospects of Nutun as it evolves into a listed global BPO player.
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The group head office was loss making due to legacy overheads and interest incurred on its debt prior to its
early repayment as part of the WeBuyCars unbundling. The balance sheet is strong with minimal debt and a
R100 million net cash position at financial year end. The head office has been rationalised and will be collapsed
into Nutun and will not be reported on separately going forward.
Trading Statement
Comparative periods have been restated in accordance with IFRS 5, which pertains to Non-current Assets Held
for Sale and Discontinued Operations. This includes WeBuyCars, Nutun Australia, Nutun Transact and Mobalyz
(which encompasses SA Taxi, Gomo and Road Cover).
In accordance with the Listings Requirements of the JSE, Transaction Capital advises shareholders of the
following expected ranges for FY 2024:
Full year ended 30 September Full year ended 30 September Full year ended 30 September
2024 2024 2023
Expected number range Expected percentage range Restated 1
Continuing Loss 2
Basic loss R-222m to R-74m -115% to -105% R1 484m
Basic loss per share -28,5 cents to -9,3 cents -115% to -105% 195,3 cents
Headline loss R-147m to R9m -109% to -99% R1 563m
Headline loss per share -18,9 cents to 1,3 cents -109% to -99% 205,7 cents
Core loss 3 R-106m to R-86m -154% to -144% R196m
Core loss per share3 -13,5 cents to -11 cents -153% to -143% 25,7 cents
Total Loss
Basic loss R-957m to R-1135m 46% to 36% R-1776m
Basic loss per share -122,3 cents to -145,7 cents 48% to 38% -233,8 cents
Headline loss R-2289m to R-2451m -43% to -53% R-1604m
Headline loss per share -293,2 cents to -314,3 cents -39% to -49% -211,2 cents
Core loss 3 R-2052m to R-2113m -238% to -248% R-607m
Core loss per share3 -262,8 cents to -270,7 cents -229% to -238% -80 cents
1. Comparative information for 30 September 2023 has been restated for the following
• classification of Nutun Australia, Nutun Transact, WeBuyCars and Mobalyz as discontinued
operations in line with the requirements of IFRS 5: Non-current assets held for sale and
discontinued operations.
• Correction of identified prior period errors in terms of IAS 8: Accounting Policies, Changes
in Accounting Estimates and Errors.
2. Loss from continuing operations exclude results from discontinued operations.
3. Total core loss and core loss from continuing operations is a non-IFRS measure which is
calculated by adjusting headline losses with the following:
• Once-off transaction costs which are directly attributable to corporate activity (which
comprises mostly legal and consulting fees).
• Adjustments on put and call options over non-controlling interests.
• Once-off or accelerated items, where these are reasonably expected not to re-occur in the
ordinary course of business in future reporting periods.
• Adding back specified headline earnings exclusions, if the gain/loss is considered part of
Transaction Capital's normal operations.
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Results Announcement
Transaction Capital's results for the full year ended 30 September 2024 will be released on SENS on Monday,
9 December 2024.
The financial information on which this trading statement is based has not been reviewed by or reported on
by the group's external auditors.
Sandton
28 November 2024
JSE equity sponsor:
Investec Bank Limited
JSE debt sponsor:
Merchantec Capital
Enquiries:
TC-Investor-Relations@transactioncapital.co.za
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Date: 28-11-2024 05:05:00
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