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FY21 results

Our fact sheet

FY21 Fact Sheet  

Executive review of our performance

In a year that required careful navigation of COVID-19 challenges, MultiChoice Group (MCG or the group) added 1.4m 90-day active subscribers to close the year ended 31 March 2021 (FY21) on 20.9m subscribers.

This represents a 2% acceleration in year-on-year (YoY) growth to 7%, as heightened consumer demand for video entertainment services, continued penetration of the mass market and an easing of electricity shortages in southern Africa improved growth rates. The 90-day subscriber base is split between 11.9m subscribers (57%) in the Rest of Africa and 8.9m (43%) in South Africa.

Revenue increased 4% (4% organic) to ZAR53.4bn, with subscription revenues accounting for ZAR44.7bn, a solid 5% (5% organic) increase YoY. Both advertising and commercial subscription revenues were significantly impacted by COVID-19. Advertising revenues were down 34% YoY (ZAR0.6bn) at the interim stage, but with less lockdown intensity in the second half and the return of live sport, it recovered well, ending 11% down YoY at ZAR2.8bn. Similarly, commercial subscription revenues started to recover in the latter part of the financial year. At the interim stage it was down 46% but finished the year 35% lower than the prior year. The hospitality industry remains intermittent in its recovery due to lockdowns and is expected to take some time to normalise.

Group trading profit rose 28% to ZAR10.3bn (44% organic), benefiting from a ZAR1.5bn (ZAR2.7bn organic) reduction in losses in the Rest of Africa and 9% growth in South Africa. This strong trading profit performance was due to resilient revenue growth, strong cost control and the impact of embracing new ways of working as a consequence of COVID-19 that reduced operating costs. It was further supported by a delay of ZAR1.1bn in sports events costs, which will be incurred in FY22.