Nectcare

HY results: Revenue +4.3% to R12 bn (middle of guidance), on lower volumes. HEPS +6% to 49c. The EBITDA margin improved to 18% (HY24: 17.5%). The Hospital & pharma EBITDA margin +60bps on operational efficiencies. Divi 30c (flat). ROIC 10.9% (HY23: 10.6%). Net Debt/EBITDA 1.3x (HY23: 1.2x). In terms of guidance, FY24 revenue will be between +5% to 5.5%.
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