Wrap Text
Audited annual financial statements for the year ended 31 March 2026, dividend declaration and results presentation
NOVUS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2008/011165/06)
JSE share code: NVS
ISIN: ZAE000202149
("Novus Holdings" or "the Company" or "the Group")
AUDITED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026, DIVIDEND
DECLARATION AND RESULTS PRESENTATION
SALIENT FEATURES
• Revenue down 0,7% to R4 195 million (2025: R4 222 million)
• EBITDA* of R562,4 million (2025: R663,4 million) with a net working capital decrease of R153,4 million
(2025: increase of R144,3 million)
• Operating profit* decreased to R359,0 million (2025: R394,4 million)
• Headline earnings per share decreased to 84,79 cents per share (2025: 88,33 cents per share). This is
based on a weighted average number of shares of 316 351 023 (2025: 313 816 306)
• Earnings per share decreased to 84,12 cents per share (2025: 110,88 cents per share)
• Diluted headline earnings per share** decreased to 76,59 cents per share (2025: 80,15 cents per share)
• Diluted earnings per share** decreased to 75,92 cents (2025: 102,70 cents per share)
• Net asset value per share increased to 731,47 cents (2025: 703,52 cents)
• Ordinary cash dividend of 55 cents per ordinary share (2025: 55 cents per ordinary share)
• Closing cash position of R1,017 billion (2025: R812,2 million)
* Excluding other gains/(losses) of R16.1 million loss in 2026 and R27.2 million gain in 2025.
** Earnings per share and Headline Earnings per share have been adjusted for the after-tax dilutive effect of the future
conversion of the accelerated empowerment (AE) shares to ordinary shares held by the minority shareholders in
Maskew Miller Learning Proprietary Limited ("MML"), which will result in increased earnings attributable to non-
controlling interest.
PERFORMANCE OVERVIEW
Group revenue declined by R27,5 million (0,7%) from R4 222 million to R4 195 million. The Print, Education
and Packaging segments decreased by 9,9%, 18,1% and 5,1% respectively, which was offset by the
Publishing and Distribution segment's revenue contribution which increased by 141,1%, mainly due to its full
year inclusion compared to the prior year of 5 months.
Operating profit* decreased to R359 million (2025: R394,4 million) and gross profit margin improved to 32,9%
(2025: 31,4%).
Group operating expenses increased from R932 million to R1 021 million, largely due to the full 12 months
inclusion of the Publishing and Distribution segment in the current year, compared to 5 months in the prior
year.
Other items impacting the Group's results included the following:
• an impairment of a related party loan receivable of R19,9 million. (2025: R2,5 million impairment of a
supplier development loan in the Education segment).
• loss on sale of property, plant and equipment of R5,1 million (2025: R0,6 million profit on sale of
property, plant and equipment) relating mainly to the Print segment.
• a fair value gain of R7,0 million on derivative instruments held by the Group (2025: R9,0 million fair
value gain).
• the prior year included a net gain on investment in associate of R51,1 million relating to the associate
accounting of the Group's associate Mustek Limited ("Mustek") and a gain of R3,7 million on the
proportionate sale of shares of the Group's associate Mthembu Paper Mill Proprietary Limited.
Print, Publishing & Distribution
Revenue increased by 6,8% to R2 726 million (2025: R2 552 million) and operating profit* decreased to R106,5
million (2025: R149,1 million).
Gross margin improved year-on-year from 25,4% to 28,3%, supported by operational efficiencies, a general
decline in global paper prices, and favourable exchange rates, collectively contributing to stronger profitability
in the segment.
Education
Revenue decreased by 18,1% to R758,6million (2025: 925,7 million) due to lower-than-expected orders from
the provincial departments following the delay in the Department of Basic Education finalising the Foundation
Phase Catalogue allocation and overall financial constraints experienced by the provincial education
departments, resulting in an operating profit* of R169,8 million (2025: R162,6 million).
Despite the decline in revenue, operating profit* increased by R7,2 million, mainly due to non-recurring prior
period amortisation of product development cost for the Foundation Phase submission of R32 million and the
reduction of amortisation on acquired intangible assets of R85,7 million (2025: R128,5 million) in the current
financial year.
Packaging
Revenue decreased by 5,1% to R699,5 million (2025: R736,9 million). The segment experienced lower
revenue compared to the prior year, with general market pressures which have contributed to this decline.
Gross margin slightly improved from the prior year to 20,1% from 19,0% with the segment achieving an
operating profit* of R84,4 million (2025: R77,5 million), representing an increase of 8,9%, due to focused cost
control.
CASH GENERATION
The Group closed the period with a cash balance of R1,017 billion (2025: R812,2 million), an increase of
R204,8 million for the financial year. Net cash after debt is R677,4 million (2025: R375,8 million).
The cash balance includes an amount of R311 million reserved in respect of the mandatory offer made to
Mustek shareholders to enable the Group to fulfill its cash consideration of the offer.
Net working capital inflows of R153,4 million were mainly from improved collections of trade receivables by the
Print and Education segments compared to the prior year.
Capital and interest repayments on the outstanding loan balance in the period amounted to R151,6 million
(2025: R151,5 million).
Capital expenditure amounted to R121,0 million (2025: R57,0 million) with spend mainly directed towards
equipment in the Print segment.
Taxation paid in the period amounted to R113,3 million (2025: R121,8 million).
Acquisition of additional shares in Mustek amounted to R26,8 million cash outflow.
Dividends paid to the Company's shareholders amounted to R174,1 million (2025: R157,0 million).
ACQUISITIONS
During the year, the Group acquired an additional 2,8 million shares in Mustek increasing its shareholding from
35,07% to 39,96% as at 31 March 2026.
The Group recognised equity accounted earnings of R26,4 million (2025: R7,2 million equity accounted loss)
for its 39,96% associate share in Mustek.
Following the mandatory offer to Mustek shareholders, a Take Over Regulation Panel ("TRP") investigation
prevented the issuance of a certificate of compliance, delaying implementation of the offer. The Group
appealed the TRP's ruling to the Takeover Special Committee ("TSC"). On or about 4 May 2026, the Group,
Numus Capital Proprietary Limited and the TRP concluded a settlement agreement, which was submitted to
the TSC requesting that the settlement agreement be made an order of the TSC. The Group remains
committed to fulfilling the mandatory offer and will make further announcements as the matter develops.
Subsequent to 31 March 2026, the Group acquired an additional 6,0 million Mustek ordinary shares, increasing
the Group's holding to 50,39%.
OUTLOOK
While the Group faced a challenging trading environment and various headwinds during the year under review,
management has remained focused on executing several strategic initiatives and growth projects across the
Group. These initiatives have progressed well and are expected to enhance operational efficiencies,
strengthen market positioning, and unlock new revenue opportunities. As these projects mature and their
benefits are realised, the Board anticipates a positive contribution to the Group's financial performance and
sustainable growth in the future.
Novus Holdings is proud to have achieved a B-BBEE Level One Contributor status for the second year and
will continue with initiatives to transform and maintain its status.
The Board wishes to express its appreciation to management and all staff for their continued efforts.
DIVIDEND DECLARATION
The Board has approved and hereby declares an ordinary final gross dividend (No. 8) of 55 cents per share
for the year ended 31 March 2026. The source of the dividend is from distributable reserves and will be paid
in cash. The dividend declared is subject to dividend withholding tax at 20% for non-exempt shareholders. The
tax payable is 11 cents per share, leaving shareholders who are not exempt from dividends tax with a net
dividend of 44 cents per share.
The issued share capital of Novus Holdings at the declaration date comprises 343 183 023 ordinary shares.
The Company's income tax reference number is 9656/360/15/4.
The salient dates for the payment of the dividend are:
Last day to trade (cum dividend) Tuesday, 30 June 2026
Trading ex dividend commences Wednesday, 1 July 2026
Record date Friday, 3 July 2026
Payment date Monday, 6 July 2026
Share certificates may not be dematerialised or rematerialised between Wednesday, 1 July 2026 and Friday,
3 July 2026, both dates inclusive.
RESULTS PRESENTATION
Shareholders are advised that Novus Holdings will be hosting their results presentation at the Novus Holdings
Offices situated at 10 Freedom Way, Montague Gardens at 11h00 (SA time) on Wednesday, 17 June 2026.
For access and details of this webinar, go to the Group's website at www.novus.holdings and view the
invitation at https://novus.holdings/wp-content/uploads/2026/06/IAR26_Annual-Results-Invite-v1final.pdf
RESULTS ANNOUNCEMENT
This results announcement is the responsibility of the directors of Novus Holdings, and the content was
approved by the Board on 11 June 2026. This results announcement contains only a summary of the
information in the audited annual financial statements for the year ended 31 March 2026 ("2026 AFS") and
does not include full or complete details. Any investment decisions by investors and/or shareholders should
be based on consideration of the 2026 AFS, as a whole. None of the information in this announcement has
been reviewed or reported on by the Company's auditors.
The 2026 AFS have been audited by the Company's external auditor, BDO South Africa Incorporated, who
expressed an unmodified opinion thereon. The audit opinion, along with the 2026 AFS, are available on the
Company's website at:
https://novus.holdings/wp-content/uploads/2026/06/IAR26-Annual-Financial-Statementsv_Final.pdf
and on the JSE's cloudlink at:
https://senspdf.jse.co.za/documents/2026/jse/isse/nvse/YE26.pdf
On behalf of the Board
Adrian Zetler
Chairman
Cape Town
12 June 2026
Sponsor
PSG Capital
Date: 12-06-2026 01:20:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
