Revenue for the interim period increased to R573.2 million (R412.1 million). Gross profit climbed to R119.0 million (R82.7 million). Operating profit rose to R62.7 million (R57.2 million). Profit attributable to equity holders grew to R84.2 million (R71.1 million). Furthermore, headline earnings per share jumped to 66.25cps (50.97cps).
Trading conditions in the construction and development sector remained challenging, with uncertainty surrounding the micro/macro-economic environment, economic growth, a potential recession and higher inflation and interest rates. The National Department of Human Settlements, however, recently launched its new Catalytic Housing project implementation plan, which should assist in alleviating some of the challenges experienced by the sector. The construction of units for Public Sector and strong end- user sales in the FLISP, GAP and Affordable markets are all contributing towards making integrated developments, based on Private Public Partnerships, successful. The Group is also currently investigating other opportunities in the residential market, outside the public sector. The Group is well positioned to capitalise on numerous opportunities and will aim to continuously grow the secured pipeline in the next six months. Together with converting the current pipeline, the Group will also focus on expanding its sustainable and diversified pipeline, stretching beyond five years, while retaining its core focus on the residential market.
With the Group's first memorial park launched, and the first burials done, the Group views this as a long term, sustainable solution to create sustainable parks whilst at the same time contributing towards restoring dignity in the burial place. The Group is endeavouring to make a difference by taking the memorial park business completely off the national electricity grid.