TRELLIDOR HOLDINGS LIMITED - Unaudited condensed consolidated interim financial results for the six months ended 31 December 2023

Unaudited condensed consolidated interim financial results for the six months ended 31 December 2023

TRELLIDOR HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1970/015401/06)
Share Code: TRL
ISIN Code: ZAE000209342
("the Company" or "the Group")

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL RESULTS FOR THE SIX
MONTHS ENDED 31 DECEMBER 2023

1.   SALIENT FEATURES

     Revenue increased by 6.9% to R292.2 million, from R273.3 million in the prior corresponding period.

     Earnings and headline earnings per share decreased by 16.1% to 21.4 cents per share, from
     25.5 cents per share in the prior corresponding period.

     During the period under review the Group faced two significant challenges, namely, declining
     revenue in the domestic market; and increased opening debt levels as at 30 June 2023, at higher
     interest rates.

     With reference to the above, the following was achieved during the six month period:
     •     revenue from international markets increased to R82.4 million (driven by a strong
           performance by the Trellidor UK division), representing 28.2% of the Group's revenue; and
     •     net debt was reduced from R140.3 million to R116.8 million, driven by improvements in the
           investment in working capital.

     Despite ongoing macro-economic challenges, particularly in the domestic market, the Group's
     strategies remain focused on improving shareholder value over time. These include restructuring
     and optimally reducing the current level of net debt, further improved working capital management,
     and rigorous cost management. In addition, the Group will continue to focus on optimising revenue
     generation domestically, while leveraging off opportunities abroad.

2.   DIVIDEND

     Given the current level of net debt, the Board has taken a decision not to declare an interim dividend
     in respect of the six months ended 31 December 2023 (F23 H1: Nil). The objective of the Board is
     to revert to paying dividends once borrowings and gearing levels have normalised.

3.   SHORT-FORM ANNOUNCEMENT

     This short-form announcement is the responsibility of the directors of the Company. It contains only
     a summary of the information included in the full announcement ("Full Announcement") and does
     not contain full or complete details. The Full Announcement can be found at:
     https://senspdf.jse.co.za/documents/2024/JSE/ISSE/TRLE/TRL_HY24.pdf

     A copy of the Full Announcement is also available for viewing on the Company's website at:
     https://holdings.trellidor.co.za/wp-content/uploads/2024/02/TRL-HY24.pdf.

     This short-form announcement has not been audited or reviewed by the Group's auditors. The
     financial information has been extracted from the condensed consolidated interim financial results
     for the six months ended 31 December 2023.
    
     Any investment decisions by investors and/or shareholders should be based on consideration of
     the Full Announcement, as a whole.

4.   WEBINAR

     Shareholders are advised that the Company hosted a webinar at 10:00 am on Thursday,
     7 March 2024 to present the interim financial results for the six month period ended 31 December
     2023 to the market.

     A copy of the results presentation is available on the Company's website at:
     https://holdings.trellidor.co.za/wp-content/uploads/2024/02/TRL-HY24-Roadshow-Presentation.pdf

     A recording of the results presentation webinar can also be found on the Company's website at:
     https://holdings.trellidor.co.za/wp-content/uploads/2024/02/TRL-HY24-Roadshow-Webinar.pdf

Durban
7 March 2024

Sponsor
PSG Capital

Date: 07-03-2024 04:38:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.