I 
79.00
—
Close of 2 Nov 2026, in ZAc
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At a glance
Figures in ZAR, from our data supplier.
Revenue
ZAR 5.27bn
FY2017FY2026
Net income
−ZAR 21.8m
FY2017FY2026
Free cash flow
−ZAR 110.9m
FY2017FY2026
Shareholders' equity
ZAR 556.8m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 5.27bn | ZAR 4.98bn | ZAR 5.59bn | ZAR 5.73bn | ZAR 6.06bn | ZAR 4.91bn | ZAR 4.81bn | ZAR 4.55bn | ZAR 3.49bn | ZAR 1.34bn |
| Gross profit | ZAR 291.7m | ZAR 339.2m | ZAR 427.3m | ZAR 527.7m | ZAR 576.1m | ZAR 453.6m | ZAR 414.1m | ZAR 380.6m | ZAR 345.4m | ZAR 185.8m |
| Operating income | ZAR 48.0m | ZAR 25.7m | ZAR 123.8m | ZAR 199.8m | ZAR 206.5m | ZAR 113.5m | ZAR 93.7m | ZAR 101.1m | ZAR 127.8m | ZAR 54.4m |
| Net income | −ZAR 21.8m | −ZAR 110.5m | ZAR 42.9m | ZAR 107.3m | ZAR 104.2m | ZAR 43.9m | ZAR 32.8m | ZAR 46.6m | ZAR 71.5m | ZAR 29.6m |
| Diluted earnings per share | -0.07 | -0.34 | 0.12 | 0.30 | 0.28 | 0.11 | 0.07 | 0.11 | 0.17 | 0.07 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ZAR 1.44bn | ZAR 1.37bn | ZAR 1.60bn | ZAR 1.59bn | ZAR 1.60bn | ZAR 1.62bn | ZAR 1.44bn | ZAR 1.17bn | ZAR 872.9m | ZAR 822.2m |
| Cash and short-term investments | ZAR 58.5m | ZAR 32.0m | ZAR 75.1m | ZAR 97.1m | ZAR 57.4m | ZAR 68.5m | ZAR 93.0m | ZAR 33.6m | ZAR 32.4m | ZAR 29.8m |
| Total liabilities | ZAR 880.5m | ZAR 817.2m | ZAR 895.3m | ZAR 890.7m | ZAR 980.6m | ZAR 1.11bn | ZAR 968.7m | ZAR 722.2m | ZAR 474.6m | ZAR 510.9m |
| Debt | ZAR 644.6m | ZAR 505.5m | ZAR 554.5m | ZAR 519.8m | ZAR 512.6m | ZAR 628.4m | ZAR 625.4m | ZAR 398.1m | ZAR 224.9m | ZAR 299.3m |
| Shareholders' equity | ZAR 556.8m | ZAR 556.2m | ZAR 708.4m | ZAR 702.1m | ZAR 616.2m | ZAR 512.4m | ZAR 468.9m | ZAR 445.9m | ZAR 398.9m | ZAR 311.6m |
| Shares outstanding | 325m | 321m | 362m | 354m | 374m | 410m | 450m | 414m | 411m | 402m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −ZAR 97.4m | ZAR 61.5m | ZAR 101.7m | ZAR 2.3m | ZAR 186.4m | ZAR 27.4m | ZAR 134.1m | −ZAR 14.8m | ZAR 101.9m | ZAR 61.6m |
| Capital spending | −ZAR 13.5m | −ZAR 8.0m | −ZAR 24.1m | −ZAR 1.7m | −ZAR 11.8m | −ZAR 16.6m | −ZAR 24.8m | −ZAR 11.7m | −ZAR 1.6m | −ZAR 11.3m |
| Free cash flow | −ZAR 110.9m | ZAR 53.6m | ZAR 77.6m | ZAR 575,000 | ZAR 174.6m | ZAR 10.9m | ZAR 109.3m | −ZAR 26.5m | ZAR 100.3m | ZAR 50.3m |
| Dividends paid | — | — | −ZAR 27.5m | −ZAR 11.4m | −ZAR 692,000 | — | −ZAR 16.1m | −ZAR 20.0m | −ZAR 12.3m | −ZAR 10.1m |
Latest quarters
By quarter end
| Aug 2026 | Feb 2026 | Aug 2025 | Feb 2025 | Aug 2024 | Feb 2024 | Nov 2023 | Aug 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 3.20bn | ZAR 2.52bn | ZAR 2.75bn | ZAR 2.28bn | ZAR 2.71bn | ZAR 2.56bn | ZAR 2.56bn | ZAR 30.3m |
| Gross profit | ZAR 195.3m | ZAR 139.5m | ZAR 152.2m | ZAR 134.0m | ZAR 183.0m | ZAR 163.6m | ZAR 163.6m | ZAR 2.5m |
| Operating income | ZAR 55.1m | ZAR 22.6m | ZAR 25.2m | ZAR 10.4m | ZAR 15.2m | ZAR 20.1m | ZAR 20.1m | ZAR 1.0m |
| Net income | ZAR 15.2m | −ZAR 13.2m | −ZAR 8.6m | −ZAR 101.1m | −ZAR 9.4m | −ZAR 13.9m | −ZAR 13.9m | ZAR 567,330 |
| Diluted earnings per share | 0.05 | -0.04 | -0.03 | -0.32 | -0.03 | -0.04 | -0.04 | 0.00 |
| Cash from operations | −ZAR 26.0m | −ZAR 34.0m | −ZAR 31.0m | ZAR 36.0m | ZAR 25.0m | ZAR 106.0m | ZAR 106.0m | −ZAR 4.0m |
| Capital spending | −ZAR 4.0m | −ZAR 11.0m | −ZAR 1.0m | −ZAR 2.0m | −ZAR 5.0m | −ZAR 8.0m | −ZAR 8.0m | −ZAR 24.0m |
| Free cash flow | −ZAR 30.0m | −ZAR 45.0m | −ZAR 32.0m | ZAR 34.0m | ZAR 20.0m | ZAR 98.0m | ZAR 98.0m | −ZAR 28.0m |
| Total assets | ZAR 1.55bn | ZAR 1.44bn | ZAR 1.41bn | ZAR 1.37bn | ZAR 1.56bn | ZAR 1.60bn | ZAR 1.60bn | ZAR 1.58bn |
| Cash and short-term investments | ZAR 40.9m | ZAR 58.5m | ZAR 58.7m | ZAR 32.0m | ZAR 101.3m | ZAR 75.1m | ZAR 75.1m | ZAR 51.1m |
| Debt | ZAR 588.0m | ZAR 636.5m | ZAR 520.5m | ZAR 502.8m | ZAR 445.1m | ZAR 533.8m | ZAR 406.3m | ZAR 4.0m |
| Shareholders' equity | ZAR 572.1m | ZAR 556.8m | ZAR 547.6m | ZAR 556.2m | ZAR 657.3m | ZAR 708.4m | ZAR 708.4m | ZAR 735.9m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -2.8% | 1.4% | 18.6% |
| Operating income | -37.8% | -15.8% | 0.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 6.2% | 7.3% | 8.0% | 8.5% |
| Operating margin | 0.7% | 1.8% | 2.2% | 2.4% |
| Net margin | -1.3% | 0.1% | 0.5% | 0.8% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -11.8 | -2.1 | 5.3 | 3.4 | 3.8 | 9.3 | 8.5 | 9.2 | 6.9 | 15.6 |
| Price to sales | 0.1 | 0.1 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 15 Nov 2023.
| FY2024 | FY2023 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.075 | 0.03 | 0.04 | 0.05 | 0.03 | 0.04 | 0.045 | 0.04 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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