During the period under review, the global economy remained under pressure due to supply chain disruptions, persistent high inflation rates and tightening monetary policies. Decelerated GDP growth continued to impact the consumer sector, with consumer spending levels remaining subdued. Despite the economic headwinds in the form of power outages, rampant inflation, economic policy uncertainty and exchange rate instability, the Zimbabwe market experienced a good 2022/23 summer cropping season and increased gold production by small-scale miners. This coupled with a net expansion of 18 new counters contributed to a 24.2% increase in customer count, 53% increase in deliveries and a 7.9% growth in average spend. Regional operations, however, remained under pressure from high inflation levels and supply chain disruptions, resulting in a marginal increase of 2.5% in customer count. Notwithstanding, real average spend rose 1.7% on the back of phased nominal price increases necessitated to keep up with inflation. The Group also conducted an exercise to re-organise regional business (excluding Kenya) to create a streamlined portfolio operating only the most successful core brands in each market, resulting in the closure of 28 counters. However, Simbisa remained focused on organic growth and opened 69 new counters across all markets during the period, increasing the total store count by a net of 7% to 646 at the close of FY23. Expansion of the Group’s store footprint and the continued development of its digital channels drove a 17.6% increase in customer count overall. Resultantly, revenue for the Group grew 23% from US$233.94mn to US$286.98mn in FY23, with Zimbabwe contributing 67.65% to this total (FY22: 61.92%). Inflationary escalation in costs outpaced revenue growth, hence EBITDA only increased 8.6% y/y from US$41.10mn to US$44.63mn in the period under review, softening EBITDA margin from 17.57% to 15.55%. Zimbabwean operations contributed 60.14% to the Group’s EBITDA, a jump from 52.57% in the prior year. However, due to high depreciation and amortization costs of US$16.07mn, the Group closed the year with a PAT of US$19.40mn, up 1.77% from US$19.06mn registered last year. Profit attributable to shareholders increased by 0.16% whilst headline earnings declined 7.67%. The Group’s cash and liquidity position remains strong; the business closed the year with cash and cash equivalents of US$14.79mn. Total borrowings ended the year at US$16.73mn. The Group declared a final dividend of 0.433 USc per share, bringing the full year dividend to 1.313 USc per share at a dividend yield of 3.7%.