Boxer’s interim HEPS fell 31% to 114c, slightly above the guided midpoint. Fall mainly due to 51% increase in share count post-IPO. Otherwise, headline earnings rose about 5%. Turnover growth +13.9% (+5.3% like-for-like) with internal food inflation at -0.7%. Trading margin held steady at 4.1%, and net cash improved to R1.1 bn. Inaugural interim dividend of 45.3c declared.
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