Novus Holdings (NVS) H2 2024 earnings summary

Executive summary

• Revenue increased 23.9% year-over-year to R3,962m, driven by the full-year inclusion of the Education segment (MML), offsetting slight declines in Print and Packaging.

• Operating profit rose to R393m from R7m in FY23, mainly due to a R264m increase from Education.

• Print contributed 58.8% of revenue, Education 24.4%, and Packaging 16.6%.

Financial highlights

• Gross profit margin improved to 28.7% from 18.8% year-over-year.

• EBITDA increased to R628m from R132m in FY23.

• Earnings per share rose to 75.9c from 18.9c; headline earnings per share at 78.8c versus -7.4c.

• Net working capital at March 2024 was R828m, down from R941m in March 2023.

Outlook and guidance

• Packaging to benefit from recent capital expansion.

• Print to focus on efficiency, cost containment, and alignment with key customers.

• Continued investment in digital strategy and readiness for curriculum changes in Education.

• Ongoing evaluation of new investment opportunities.