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Reviewed Provisional Group Results and Dividend Declaration for the Year Ended 30 June 2025
CAXTON & CTP Publishers & Printers Limited
REVIEWED PROVISIONAL GROUP RESULTS AND DIVIDEND DECLARATION FOR THE YEAR ENDED 30 JUNE 2025
Incorporated in the Republic of South Africa
Registration number: 1947/026616/06
Share code: CAT
ISIN: ZAE000043345
Preference share code: CATP
ISIN: ZAE000043352
DIVIDEND DECLARED
70.0 cents
Up 16.7 %
NORMALISED HEPS
178.9 cents
Up 12%
NORMALISED EPS
168.4 cents
Up 15%
CASH & CASH EQUIVALENTS
R3.0 billion
Up 20.7%
Reviewed Audited
for the year for the year
ended 30 June ended 30 June
% 2025 2024
Change R'000 R'000
Revenue 0.9 6 709 078 6 647 278
Profit from operating activities before depreciation and amortisation (10.7) 828 027 927 225
Profit from operating activities after depreciation and amortisation (13.7) 567 706 657 904
Profit for the year (9.1) 597 793 657 358
Cash and cash equivalents 20.7 3 024 829 2 505 765
Normalised earnings per share (cents)* 15.0 168.4 146.4
Normalised headline earnings per share (cents)* 12.0 178.9 159.6
Earnings per share (cents) (7.9) 168.4 182.9
Headline earnings per share (cents) (8.8) 178.9 196.1
Net asset value per share (cents) 6.7 2 306 2 162
Ordinary dividend declared/paid per share (cents) 16.7 70.0 60.0
* Excludes a non-recurring insurance receipt (R130.9 million after taxation) in prior year.
COMMENTARY:
We delivered commendable results in difficult operating circumstances, characterised by little to no growth and subdued consumer
spending in a highly competitive environment. These results are testament to Caxton's resilience, focus on our customers and cost consciousness,
as well as the benefits of timely and well-judged capital investments. In the prior year Caxton benefitted from a non-recurring insurance
receipt of R173.2 million (R130.9 million after taxation) and to assist with a like-for-like comparison, we included normalised earnings per share
and normalised headline earnings per share to correctly reflect the operating performance as follows:
- Normalised headline earnings per share increased by 12.0% to 178.9 cents
- Normalised earnings per share increased by 15.0% to 168.4 cents
Revenues, up R61.8 million (0.9%), showed signs of recovery in the second half of the year but still reflect the tough economic environment.
The Group took advantage of pockets of well-priced raw materials as well as sourcing from alternative better priced suppliers which assisted
in mitigating the muted revenues.
Staff costs increased by R14.9 million (1.2%) as a result of extracting efficiencies out of operations whilst
operating expenses were well controlled and increased by only R33.8 million (3.0%).
Profit from operating activities before depreciation and
amortisation decreased by R99.2 million (10.7%), whilst profit from operating activities after depreciation and amortisation of R260.3 million
declined by R90.2 million (13.7%). However, on a normalised basis, excluding the prior year insurance receipt, operating profit before
depreciation and amortisation increased by R74.0 million (9.8%), and after depreciation and amortisation, operating profit increased
by R83.0 million (17.1%).
Impairments of R50.8 million (2024: R18.4 million) related to closure of a digital business (R5.3 million), impairment of assets at
our Durban gravure printing operation which is faced with reduced throughputs and cash generating outlook (R32.4 million) and equipment
that is no longer in use or been replaced with newer technology (R13.1 million).
Net finance income increased by R10.4 million to R247.4 million as increased interest income (R35.5 million) more than offset the reduced
dividend flow (R13.8 million) from Mpact Limited and Thebe Convergent Technology Holdings (Kaya FM). Although interest rates declined over the period this was more than offset by the higher average cash balances held.
The Group's profit before taxation was R770.7 million and, after taxation of R172.9 million, the profit after taxation was R597.8 million -
based on a lower weighted average number of shares in issue of 356 071 051 this represents:
- Earnings per share of 168.4 cents (2024: 182.9 cents) - a decrease of 7.9%
- Headline earnings per share of 178.8 cents (2024: 196.1 cents) - a decrease of 8.8%
- Normalised earnings per share of 168.4 cents (2024: 146.4 cents - excluding the once off insurance
receipt)- an increase of 15.0%
- Normalised headline earnings per share of 178.8 cents (2024: 159.6 cents - excluding the once off
insurance receipt) - an increase of 12.0%
- Net asset value per share of R23.06 (2024: R 21.62) - an increase of 6.7%
The Group's traditionally strong cash flows were sustained, ending with cash and cash equivalents at R3 025 million - an increase
of R519.1 million.
Over the last two financial years the Group's cash balances have increased by R1.1 billion and are testament to our cash generating ability.
In addition, cash increased by R668.4 million over the interim reporting period, which is a normal trend following the peak trading season.
DIVIDEND:
The Board has declared a dividend of 70.0 cents per share, an increase of 16.7% over the prior year (2024: 60.0 cents) per ordinary share (gross)
and a preference dividend of 570.0 cents (2024: 490.0 cents) per preference share (gross) for the year ended 30 June 2025.
The dividends are subject to the Dividend Withholding Tax. In accordance with the provisions of the JSE Listings Requirements, the following
additional information is disclosed:
- the Dividend has been declared out of current profits available for distribution
- the Dividend Withholding Tax rate is 20%
- the gross dividend amount is 70.00 cents per ordinary share and 570.00 cents per preference share for shareholders exempt
from Dividend Withholding Tax
- the nett dividend amount is 56.00 cents per ordinary share and 456.00 cents per preference share for
shareholders liable for Dividend Withholding Tax
- the Company has 353 520 190 ordinary shares in issue
- the Company has 50 000 preference shares in issue
- the Company's income tax reference number is: 9175/167/71/8
The following dates are applicable to the dividends:
The last date to trade in order to be eligible for the dividend will be Tuesday, 2 December 2025.
Shares will trade ex-dividend from Wednesday, 3 December 2025.
The record date will be Friday, 5 December 2025 and payment will be made on Monday, 8 December 2025.
Share Certificates may not be dematerialised or materialised between Wednesday, 3 and Friday 5 December 2025, both days inclusive.
PROSPECTS:
There is no expectation that the economic outlook will change substantially for the better and it is hoped that the economy will not experience
any further decline - with this in mind we continue to manage all aspects of our operations closely and take appropriate actions where needed.
Our balance sheet grows from strength to strength and puts us in the enviable position of being able to continue to allocate capital wisely and
take advantage of any opportunities that might present themselves.
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 on 12 September 2025 and can be found on the company's
website at https://www.caxton.co.za/sens and also on the following link: https://senspdf.jse.co.za/documents/2025/JSE/ISSE/CAT/CATAR2025.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
12 September 2025
Executive Directors: Independent Non-Executive Directors:
TD Moolman, TJW Holden, LR Witbooi PM Jenkins, ACG Molusi, NA Nemukula,
JH Phalane, T Slabbert
Transfer Secretaries: Registered Office:
Computershare Investor Services Proprietary Limited 368 Jan Smuts Avenue, Craighall Park, 2196
Sponsor: Company website:
AcaciaCap Advisors Proprietary Limited http://www.caxton.co.za
Date: 12-09-2025 10:11:00
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