Value Group Limited reported consolidated earnings results for the year ended February 28, 2018. For the year, the company's revenue was ZAR 2,513,241,000 compared to ZAR 2,468,923,000 a year ago. Operating profit was ZAR 136,435,000 compared to ZAR 143,264,000 a year ago. Net profit before taxation was ZAR 122,622,000 compared to ZAR 120,347,000 a year ago. Net profit was ZAR 81,974,000 compared to ZAR 83,607,000 a year ago. Diluted basic earnings per share were 54.8 cents compared to 57.2 cents a year ago. Diluted headline earnings per share were 58.7 cents compared to 61.9 cents a year ago. Normalized diluted headline earnings per share were 71.1 cents compared to 61.9 cents a year ago. Net asset value per share was 566.8 cents compared to 522.5 cents a year ago. Cash flows from operating activities were ZAR 194,694,000 compared to ZAR 197,435,000 a year ago. Purchase of property, vehicles, plant and equipment was ZAR 88,854,000 compared to ZAR 81,027,000 a year ago. Purchase of intangible assets was ZAR 4,851,000 compared to ZAR 5,050,000 a year ago. Headline earnings were ZAR 89,273,000 compared to ZAR 95,563,000 a year ago. Normalized headline earnings were ZAR 108,276,000 compared to ZAR 95,563,000 a year ago.

The recent change in the leadership of the ANC has invoked positive sentiment in the economy. However, marginal volume improvement in only a few of the existing customers continues to highlight ongoing pressure on pricing and growth rates. Nonetheless, the Group has procured new business in its distribution segment which should curtail any further decline in volumes. The remaining logistics divisions are operating according to expectation. An improvement in revenue off a reduced cost base, including reduced debt levels and strong cash flows, should contribute to an improvement in earnings in the new financial year.