1H21: Uptick in volumes drives top line.

Recovery in consumer spend as inflation subsides and lockdown restrictions ease.

The operating environment eased as COVID-19 induced restrictions were relaxed and inflation declined giving rise to a relatively stable local currency. With the stabilising currency, TV Sales & Home re-introduced credit sales allowing the company to defend market share and grow volumes (debtors’ book grew 130% y/y). TV Sales & Home volumes were up 40%; sales were also driven by growth in the store network. Equity accounted earnings mainly comprised of earnings from Restapedic Bedding (grew 231.29% y/y).