Revenue for the year increased to R6.453 billion (2019: R6.137 billion), operating profit before investment income decreased to R253.7 million (2019: R443 million), net profit attributable to ordinary shareholders lowered to R182.4 million (2019: R309.5 million), while headline earnings per share decreased to 260.2 cents per share (2019: 376.2 cents per share).

Dividend declaration
Notice is hereby given that a final gross cash dividend of 65 cents per share in respect of the year ended 31 March 2020 has been declared payable to holders of ordinary shares.

Outlook
While Covid-19 continues to have a significant impact on the business, the group’s strategy is unchanged and is being consistently applied through the crisis. Management remains flexible in the execution of the strategy and continually adapts and adjusts its shorter-term operating plans in response to specific Covid-19 related challenges and opportunities. The group’s business model has proved resilient during the trading restrictions while the strength of the group’s balance sheet and cash position ensured that management did not need to access any external funding during the lockdown period. Trading has been robust following the reopening of all stores from 1 June 2020 when the country moved to lockdown level 3. Merchandise sales for June increased by 22.3% and July by 16.8%. The current sales momentum is being supported by pent up demand from savings accumulated during lockdown. Consumer spending is expected to contract further in a post Covid-19 recessionary environment while customers in the group’s lower to middle income target market are vulnerable to the rising levels of unemployment in the country due to the impact of Covid-19. The group will continue to invest for longer-term growth and plans to open 20 new stores across its trading brands in the 2021 financial year.