Even though we operated in a tough environment during the year, we maintained our focus on implementing the strategy which we set in motion in the previous year. We now have two focused and standalone retail and financial services operations. Our priority is to fine tune these businesses to cement their positioning for long term value creation.

Financial review

We are pleased to report a growth in revenue of 2,5% to R12,9 billion
(2008: R12,6 billion). Whilst not significant growth, it does represent an increase in our share of the durable goods sector which declined 6,2% in the period under review. The Group's strategy to separate its activities into focused retail and financial services businesses started to deliver tangible benefits, as the gross profit increased by 6,3% to R2,8 billion (2008: R2,6 billion). Accordingly, the gross profit margin improved to 30,5% from 28,6% a year ago. These results are underpinned by solid performances across all five operating divisions, as all brands, with the exception of Hi-Fi Corporation, performed in line with expectation.

Operating profit before debtors costs was R1 755 million, up 3,5% on 2008. If we exclude the R98 million in restructuring costs that the Group incurred this year, our like for like operating profit before debtors costs increased by 9,3%. This reflects the success we have achieved during the year in managing both our product margins and expenses.