The group posted a decrease of 5% in revenue, from R2,330 billion to R2,202 billion (from continuing operations), the gross profit dropped by R91 million compared to the same period last year.

The Avusa Media business mirrored the recessionary climate, delivering 20% lower advertising revenues. The Retail, Entertainment, and Books and Maps businesses saw no profitability growth from reduced consumer discretionary spending.

"The success of group-wide cost-cutting initiatives has resulted in operating costs being held at the prior year’s level inclusive of general overhead inflation, digital developmental costs of R10 million and unrealised foreign exchange losses of R14 million," said Group CEO Prakash Desai.

In the tougher trading environment the Retail, Entertainment and Books and Maps businesses delivered for the first half a marginal increase in revenues and a gross margin contribution at the same level as the prior year.

"The current softer trading will continue until the end of the current financial year. Avusa has revisited the group strategies and business models in the recession and are focused to meet the competitive challenge with confidence," concluded Prakash Desai