Wrap Text
Unaudited Interim Results for the Six-Month Period Ended 30 June 2025
Libstar Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 2014/032444/06)
(JSE share code: LBR)
(ISIN: ZAE000250239)
("Libstar" or the "Group")
UNAUDITED INTERIM RESULTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2025
Introduction
The Group's performance for the six-month period under review (H1 2025) reflects improved operational
and financial momentum, driven by customer and channel growth, ongoing portfolio and operating model
simplification, and embedding sustainability as a core business practice.
Market Context and Response
The Total Defined Market for Libstar's product basket showed a weakening value trend over the reporting
period. This reflects the relentless pressure on consumers, driven by ongoing food inflationary headwinds
and constrained disposable income.
Libstar responded by:
• Safeguarding and growing market share, especially in Dairy, Wet condiments, and Dry
condiments;
• Enhancing gross profit margins through effective raw material procurement, better capacity
utilisation, strategic pricing, and rigorous cost management;
• Sustaining innovation, with new ambient Food Service channel products and extended own-brand
and private label Retail and Wholesale channel ranges in condiments and baking aids; and
• Driving strong cash generation by normalising dairy inventories and applying disciplined capital
allocation.
RESULTS SUMMARY
The Group uses Normalised EBITDA, Normalised Earnings per Share (EPS) and Normalised Headline
Earnings per Share (HEPS) from continuing operations, which exclude non-recurring, non-trading, and non-
cash items, as the key measures to reflect its underlying operating performance.
Libstar's half-year results are summarised in the table below:
(R'000) H1 2025 % change H1 2024*^
Continuing operations
Total revenue 5 958 058 6.7% 5 585 349
Gross profit margin 21.6% 0.9pp 20.7%
Normalised operating profit 296 251 16.7% 253 931
(margin) 5.0% 4.5%
Normalised EBITDA 464 592 7.5% 432 316
(margin) 7.8% 7.7%
Basic EPS (cents) 15.2 11.8% 13.6
Basic HEPS (cents) 16.7 23.7% 13.5
Normalised EPS (cents) 21.7 7.4% 20.2
Normalised HEPS (cents) 23.2 15.4% 20.1
Balance sheet and cash flow indicators
Net interest-bearing debt to Normalised
EBITDA (excl. IFRS 16) 1.3 1.6
Cash generated from operating activities
(excl. net working capital) 467 300 5.2% 444 377
Cash generated from operations (incl. net
working capital) 503 716 79.0% 281 379
Capital investment in property, plant and
equipment 83 717 4.1% 80 400
Cash conversion ratio 110% 57%
*The comparative interim period profit or loss is restated to present Chet Chemicals as a discontinued operation, as noted in the
most recent annual financial statements.
^ Refer to note 12 in the Condensed Consolidated Financial Statements for details on prior period restatements.
OUTLOOK
In a global environment shaped by ongoing trade tensions and geopolitical uncertainty, alongside a
persistently constrained local consumer market, Libstar remains steadfast in its focus on resilience,
operational simplification, and long-term, sustainable growth.
Notably, the downward value growth trend in the Group's defined retail product basket has persisted beyond
the reporting period. Given this continued consumer pressure, the Group will focus on:
- Driving operational efficiencies across its manufacturing footprint to counter rising input and
logistics costs
- Accelerating innovation and developing value-added products that meet evolving consumer needs
while reinforcing price-value relevance
- Expanding export market presence, adapting to regulatory shifts, trade barriers, and currency
fluctuations
- Building supply chain agility and resilience through enhanced sourcing strategies and deeper
supplier collaboration
- Investing in our people, sustainability, and digital capabilities to strengthen long-term
competitiveness and deliver responsible growth
Notwithstanding prevailing macroeconomic headwinds, Libstar remains confident in the strength of its
brands, customer partnerships, and operational fundamentals. The Group is well-positioned to manage
short-term volatility while continuing to build for sustainable, long-term value creation.
UPDATE ON STRATEGIC VALUE-UNLOCK PROCESS
Shareholders are referred to the cautionary announcement published by the Company on SENS today, 16
September 2025, in which the Group advised that it has received indicative expressions of interest from
parties to acquire all of the issued share capital of the Company.
The Board wishes to emphasise that the engagements with these parties remain at an early stage and
there can be no certainty that these engagements will ultimately result in a binding offer to shareholders.
CHANGES TO THE BOARD
Tertius Carstens was appointed as an independent non-executive director with effect from 1 May 2025.
Anneke Andrews was appointed as the Lead Independent Director with effect from 31 July 2025, a position
left vacant when JP Landman was appointed as the Chairman of the Board.
Ntokozo Makomba resigned as Company Secretary with effect from 30 September 2025.
DIVIDEND
In line with the Group's policy, of one dividend per annum declared at year-end, no interim dividend has
been declared.
Responsibility statement
This short-form announcement is the responsibility of the directors and is only a summary of the information
in the full announcement. Any investment decision should be based on the full announcement. The
information presented in the Results summary section above includes pro-forma financial information in
terms of the JSE Listings Requirements. The pro forma financial information presented in this
announcement, which is the responsibility of the Group's directors, has been prepared for illustrative
purposes only, and may not fairly present the Group's financial position, changes in equity, cash flows or
results of operations.
The full announcement can be found:
- On the JSE's website:
https://senspdf.jse.co.za/documents/2025/jse/isse/lbre/LBRH1_2025.pdf
- On the Company's website:
https://www.libstar.co.za/wp-content/uploads/2025/09/SENS-Booklet-2025.pdf
A copy of the full announcement is available for inspection and may also be requested at Libstar's registered
office and offices of our sponsor, at no charge, during office hours.
By order of the Board
JP Landman CB de Villiers
CHAIRMAN CEO
16 September 2025
Sponsor
The Standard Bank of South Africa Limited
Date: 16-09-2025 08:05:00
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