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Unaudited Group Results and Dividend Declaration for the six months ended 31 December 2025
Caxton & CTP Publishers and Printers Limited
Incorporated in the Republic of South Africa
Registration number: 1947/026616/06
Share code: CAT
ISIN: ZAE000043345
Preference share code: CATP
ISIN: ZAE000043352
UNAUDITED GROUP RESULTS AND DIVIDEND FINALISATION FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
Audited
Unaudited Unaudited for the year
six months to six months to ended
31 December 31 December 30 June
% 2025 2024 2025
Change R'000 R'000 R'000
Revenue (0.5) 3 613 131 3 630 629 6 709 078
Profit from operating activities before depreciation and amortisation (5.9) 448 954 476 924 828 027
Profit from operating activities after depreciation and amortisation (7.8) 320 182 347 258 567 706
Profit for the period (4.0) 332 110 346 047 597 793
Cash and cash equivalents 21.1 2 854 582 2 356 390 3 024 829
Earnings per ordinary share (cents) (2.3) 94.3 96.5 168.4
Headline earnings per ordinary share (cents) (1.6) 94.0 95.5 178.8
Net asset value per share (cents) 3.3 2 295 2 222 2 306
Ordinary dividend per share (cents) 100.0 - 70.0
COMMENTARY:
As foreshadowed in the report for the year ended June 2025, trading conditions continued to be subdued, with no real improvement in growth
or consumer demand. This impacted the various segments of our Group differently: the performance of the mature Publishing and Printing segment
was substantially down, while the packaging operations managed to increase profitability. This resulted in a somewhat similar performance for
the period under review when compared to the prior period:
- Headline earnings per share of 94.0 cents (2025: 95.5 cents) - a decrease of 1.6%
- Earnings per share of 94.3 cents (2025: 96.5 cents) - a decrease of 2.3%
- Net assets value per share of R22.95 (2025: R22.22) - an increase of 3.3%
Revenues declined marginally by R17.5 million (0.5%) - the Publishing and Printing segment declined by R57.3 million (3.7%) which was partly offset
by growth in Packaging and Stationery of R39.8 million (1.9%). The Publishing and Printing segment was impacted by a decline in both national and
local advertising revenues. The Packaging and Stationery segment revenues grew from gains in a number of markets and organic growth in the quick
service restaurant sector, but was offset by the decline in beer label revenues, as the reduced tender allocation took effect.
Raw material landed prices remained stable and the continued efforts around alternative sourcing remains paramount, especially in light of the
announcement that the Mpact mill in Springs will probably close. We are fortunate that we have existing relationships such that, if need be, we can
redirect our required volumes. The relative strengthening of the rand is yet to benefit our business as we work through our current stock levels.
Staff costs and other operating expenses remain well controlled - staff costs grew by 0.7% while other operating costs grew by 1.8%, impacted by a
R10 million diesel charge due to a lack of consistent power supply in Durban. Staffing structures are continually evaluated at an operational level
in the face of muted revenues and action is taken where necessary.
Profit from operating activities before depreciation and amortisation declined by R28.0 million (5.9%), whilst profit after depreciation and
amortisation declined by R27 million (7.8%). This decline was somewhat offset by an increase in net finance income of R3.8 million.
The Group's profit before taxation was R446.5 million, and after taxation of R114.4 million, the profit was R332.1 million.
The Group ended with cash and cash equivalents of R2 855 million, up on the corresponding prior period by R499 million. Cash and
cash equivalents declined by R170 million when compared to June 2025 as the Group traditionally funds its peak trading season and paid
the 2025 dividend in December 2025.
On 29 January 2026, the board advised shareholders that it has declared a further special dividend of 100 cents per share subject to
South African Reserve Bank (SARB) approval. As indicated in a further SENS announcement on Tuesday, 17 February 2026, the approval of the SARB
would not be received within our timing expectations. In the circumstances, the shareholders were advised that the board resolved to withdraw
the declaration of a special dividend, and declare an interim dividend in the same amount to the ordinary and preference shareholders.
PROSPECTS
With sentiment improving as lower inflation, reducing interest rates, Rand strengthening and credit upgrades take effect, the Group hopes to
see a marginal increase in growth having a positive impact on the Group; but nothing at the moment suggests that any of these will filter
through in the second half of the financial year. The focus remains on capitalising on our strengths, improving efficiencies and to be
consistently on the lookout for acquisitions that will grow our packaging footprint.
DIVIDENDS
The Board has declared interim dividends of 100 cents per ordinary share (gross) and 798 cents per preference share (gross) for the
six months ended 31 December 2025. The interim dividends are subject to the Dividend Withholding Tax. In accordance with the provisions
of the JSE Listings Requirements, the following additional information is disclosed:
- the dividends have been declared out of current profits available for distribution
- the Dividend Withholding Tax rate is 20%
- the gross dividend amount is 100 cents per ordinary share and 798 cents per preference share for shareholders exempt from
the Dividend Withholding Tax
- the net dividend amount is 80 cents per ordinary share and 638.40 cents per preference share for
shareholders liable for the Dividend Withholding Tax
- the Company has 353 520 190 ordinary shares in issue
- the Company has 50 000 preference shares in issue
- the Company's income tax reference number is: 9175/167/71/8
SALIENT DATES
The salient dates regarding the declaration are as follows:
The last date to trade in order to be eligible for the dividends will be Tuesday, 10 March 2026.
Shares will trade ex-dividend from Wednesday, 11 March 2026.
The record date will be Friday, 13 March 2026.
Payment will be made on Monday, 16 March 2026.
Share Certificates may not be dematerialised or materialised between Wednesday, 11 March and Friday, 13 March 2026, both days inclusive.
STATEMENT:
This short-form announcement is the responsibility of the directors and is only a summary of the information in the full announcement and
does not contain full or complete details. The full announcement will be released around 3rd March 2026 and can be found on the company's
website at https://www.caxton.co.za/about/announcements and also on the following link:
https://senspdf.jse.co.za/documents/2026/JSE/ISSE/CAT/CATIR2026.pdf
The full announcement is available at the Company's registered office and the offices of the sponsor during office hours.
Any investment decision should be based on the full announcement published on the Company's website.
By order of the board
3 March 2026
Executive Directors: Non-Executive Directors:
TD Moolman, TJW Holden, LR Witbooi PM Jenkins, ACG Molusi, NA Nemukula,
JH Phalane, T Slabbert
Transfer Secretaries: Registered Office:
Computershare Investor Services Proprietary Limited 368 Jan Smuts Avenue, Craighall Park, 2196
Sponsor: Company website:
AcaciaCap Advisors Proprietary Limited http://www.caxton.co.za
Date: 03-03-2026 01:34:00
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