Group revenue declined by 5.5% from R16.5 billion to R15.6 billion when compared to the five months ended 28 February 2023 ("the prior period"). EBITDA declined by a marginal 2.5% from R2.1 billion to R1.9 billion. The EBITDA margin improved to 11.9% (11.5% in the prior period) and the operating profit margin marginally weakened to 8.7% (8.9% in the prior period). The Group continues to focus on cash generation and capital allocation.
Equipment southern Africa generated revenue of R9.7 billion which was 4.9% lower than the prior period at R10.2 billion. Equipment Eurasia's revenue of USD159 million is 11.1% lower relative to the prior period due to a 30% decrease in VT's revenue (from USD116 million in the prior period toUSD81 million in the current period) partially offset by the 24% growth in Barloworld Mongolia revenue (from USD63 million in the prior period to USD78 million in the current period).
Barloworld Mongolia's performance momentum has continued into the current financial year supported by prime product sales and aftermarket demand.
The board will release a trading statement once a reasonable degree of certainty exists concerning the Group's results for the six months ending 31 March 2024. The Group expects to release its interim financial results on or about Monday, 27 May 2024. Management will host a conference call at 15:00 CAT on 26 March 2024, to answer any questions from investors.
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