Reunert Ltd Unsp/Adr (RNRTY) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen, and welcome to Roinert's results presentation for the year that ended 30 September 2025. I'm Alan Dixon, the Group Chief Executive, and together with Mark Caffin, our Group Chief Financial Officer, we'll be presenting our results today. This is a pre-recorded webcast with a live Q&A session immediately after the webcast. 2025 was a challenging year for the group, as tough macroeconomic conditions and global volatility were evident throughout the year. This was specifically true in the South African environment, where, as we guided in our half-year prospect statement, the macroeconomic conditions remained challenging. Pleasingly, Roynard's strategy of increasing our non-South African revenues provided good results and largely offset the challenging South African environment that we faced. In South Africa, despite there being solid progress made towards improving several of the country's key structural impediments to accelerate economic growth, the real impact on the ground is yet to be felt. The key drivers of Reunits growth, which are reflected in the macroeconomic indicators of GDP and business confidence for our ICT segment, and gross domestic fixed investment, or GDFI, for the electrical engineering segment all tracked negatively through this year. South Africa's infrastructure investment specifically decreased year on year and fell well below both government commitments and expectations. We do, however, believe that this decrease will be temporary, but in this financial year it fell to the extent that it negatively impacted both the electrical engineering segment and the overall group's financial results. Conversely, our non-South African markets have much better macroeconomic dynamics, and their general growth rates remain pos...