Brait P.L.C. has announced its audited financial results for the year ending March 31, 2024. The company, listed on the Luxembourg Stock Exchange and JSE, showed notable growth across its portfolio.
Financial Highlights
Brait P.L.C. recorded significant improvements in its financial performance:
| Metric | FY 2024 | FY 2023 |
|---|---|---|
| NAV per share (ZAR) | 6.52 | 7.06 |
| Loss per share (cents) | 13 | 70 |
| Available cash and facilities (ZAR billion) | 1.5 | – |
Virgin Active’s Remarkable Growth
Virgin Active experienced robust growth in membership and revenue:
- Membership increased to 1.021 million.
- EBITDA reached £80 million as of March 2024, up from £33 million in September 2023.
- New Vitality contract signed and VASA debt facilities extended to December 2027.
Premier’s Operational Success
Premier continued to outperform with significant EBITDA growth:
- EBITDA grew by 19% to R2.1 billion.
- Revenue rose by 4% to R18.6 billion.
- Premier declared a maiden dividend of R2.20 per share.
New Look Maintains Stability
New Look managed to stay profitable despite a challenging market:
- Revenue declined by 8.8%, but profitability was maintained.
- Focused on margin retention and cost control.
- Successfully refinanced £100 million term debt to October 2026.
Brait’s Recapitalisation Strategy
Brait has implemented a recapitalisation plan to strengthen its balance sheet:
- Maturities of bonds extended to December 2027.
- R900 million repayment funded by Premier share placement.
- Fully underwritten Rights Offer of R1.5 billion secured.
Portfolio Valuations
Brait’s investment portfolio valuations as of March 31, 2024:
| Investment | Value (ZAR million) | % of Total Assets |
|---|---|---|
| Virgin Active | 10,183 | 67% |
| Premier | – | 18% |
| New Look | 982 | 7% |
Virgin Active Performance by Territory
Virgin Active showed strong performance across all territories:
- Southern Africa: Revenue up 16% YoY; net membership growth of 26k.
- Italy: Revenue up 23% YoY; membership yields increased by 7%.
- UK: Revenue up 13% YoY; net membership growth of 9k.
- Asia Pacific: Revenue up 22% YoY; membership yields increased by 4%.
Premier’s Financial Performance
Premier’s divisional performance highlights for FY 2024:
| Division | Revenue (ZAR billion) | EBITDA (ZAR million) | EBITDA Margin (%) |
|---|---|---|---|
| MillBake (84% of revenue) | 15.5 | 1.97 | – |
| Groceries and International | 3.06 | 214 | – |
New Look’s Resilience
New Look’s performance despite market challenges:
- Maintainable EBITDA of £40 million.
- Valuation multiple increased to 6.5x.
- Brait’s holding valued at R982 million.
Governance and Advisory Fee Adjustments
Brait has made changes to align interests with its Investment Advisor:
- Advisory service fee set at R50 million for FY 2025.
- Discontinuation of short-term and long-term incentives.
- New incentive mechanism based on market capitalization growth.
Conclusion
Brait P.L.C. has demonstrated resilience and strategic focus in its financial year ended March 2024. The company’s recapitalisation efforts provide flexibility and strengthen its balance sheet. Investors can look forward to continued growth and value realisation from Brait’s diversified portfolio.
