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Unaudited Condensed Consolidated Interim Results for the 6 Months ended 31 December 2023
COGNITION HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1997/010640/06)
Share code: CGN ISIN: ZAE000197042
("Cognition" or "the Group" or "the Company")
SHORT FORM ANNOUNCEMENT - UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2023
Financial Position as at: 31 Dec 2023 31 Dec 2022 30 Jun 2023
(Unaudited) (Unaudited) (Audited)
Change R'000 R'000 R'000
Total assets 1.7% 269 942 265 367 266 274
Cash and cash equivalents -3.0% % 206 802 213 263 214 645
Capital and reserves 4.0% 241 776 232 568 238 524
Total liabilities -14.1 % 28 166 32 799 27 750
Financial Performance for the period:
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 2023 31 Dec 2022 30 Jun 2023
R'000 R'000 R'000
Revenue - 8.6 % 37 370 40 895 79 205
Gross profit -13.3% 26 128 30 153 58 559
(Loss) / profit before tax -126.5% (854) 3 225 3 481
Total comprehensive income from
continuing operation -11.3% 3 945 4 446 9 664
Profit from discontinued operations - 58 365 59 103
Net profit after tax -93.7% 3 945 62 811 68 767
Earnings per share:
Basic earnings per share (cents) -94.2% 1.61 27.87 30.31
Basic earnings per share (cents) from
continuing operations -3.1% 1.61 1.66 3.94
Headline earnings per share (cents) 272.7% 2.48 0.67 3.15
Net asset value:
Net asset value per share (cents) 4.0% 104.98 100.93 103.37
Net tangible asset value per share (cents) 4.3% 103.85 99.53 102.11
Cognition continued to streamline its operations and reduce overhead costs, collaborating closely with its
controlling shareholder, Caxton & CTP Limited Publishers and Printers ("Caxton"), to optimise operational
efficiencies and explore opportunities within Caxton and its clientele. Revenue for the Campaign Management
and Research and Insights divisions declined however the Channel Incentive unit experienced a notable recovery
compared to the same period in the previous year. This is attributed to a strategic shift in the units offered
to its clients, migrating away from traditional channel incentives.
Prospects
Although Cognition does have significant cash resources, the challenging economic environment and the rise of
globalisation does impact on its ability to expand its operations and capitalise from its existing operational
base. In response, we are focusing on improving our systems and product offerings through innovation while
curtailing costs where possible.
The board of directors is currently in formal discussions with Caxton, which may result in an offer by Caxton
to acquire those shares in Cognition not already held by Caxton, and consequently the delisting of Cognition
from the Johannesburg Stock Exchange and it is currently trading under cautionary.
This short-form announcement is the responsibility of the directors. This announcement is only a summary of
the information in the full announcement and does not contain full or complete details. The full announcement
is available at:
https://senspdf.jse.co.za/documents/2024/jse/isse/cgn/interim23.pdf
and can be found on the Company's website at www.cgn.co.za. Copies of the full announcement may also be
requested at the Company's registered office or the office of the sponsor, AcaciaCap Advisors, at no charge,
during office hours. Any investment decision should be based on the full announcement released on SENS and
published on the Company's website.
Directors: Paul Jenkins #* - Chairman, Rob Fedder - Chief Executive Officer, Pieter Scholtz - Financial
Director, Steve Naudé#*, Miles Crisp #*, Dennis Lupambo#*, Servaas de Kock #, Amasi Mwela#
# Non-executive * Independent
Johannesburg
16 February 2024
Sponsor
AcaciaCap Advisors Proprietary Limited
Date: 16-02-2024 11:27:00
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