AVI

HY 2024 results: Revenue +7.1%. Gross margin stable despite ↑ input costs. ROIC and impressive 30.8% (12m to Dec 23). HY dividend +17.4% to 202c. HEPS +17.4% (upper-end of guidance) to 374c vs Bloomberg estimates for 345c. Constrained demand weighed on sales. Government infrastructure, port terminal problems & I&J catch rates caused issues. Load-shedding costs amounted R21m
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