FY20 Annual Results

Watch a short video of our FY20 results

  • MultiChoice Group

    FY20 Annual Results

  • Solid financial results

  • Maiden dividend of R2.5bn

  • Share buy-backs of R1.7bn

The leading video entertainment platform in Africa

We are pleased with our performance and the resilience we have demonstrated this year. Our healthy balance sheet positions us well to weather uncertainties in our markets going forward. We have honoured our commitment to shareholders by declaring a maiden dividend of R2.5bn, on top of some R1.7bn in share buy-backs executed during the year. 

Calvo Mawela - Chief Executive Officer

Calvo Mawela, CEO

    FY20 by the numbers (Percentages represent YoY growth)

  • Subscriber base

    19.5m90-day active


  • Revenue



  • Trading profit

    R8.0bnR0.8bn loss reduction in RoA


  • Core headline earnings

    R2.5bn57% on a normalised basis


  • Free cash flow



  • Cash



We are well positioned for uncertain times ahead

  • Sought after product
    as people spend more time at home

  • Scale and diversity
    19.5m customers across 50 countries

  • Robust business model
    low reliance on advertising revenue

  • Strong balance sheet
    security to weather the macro storm

  • Accelerated cost savings programme

Download Fact Sheet PDF


Despite global and country-specific macro-economic challenges, the group added 0.9m 90-day active subscribers to reach 19.5m households as at 31 March 2020 (FY20). This represents growth of 5% year on year (YoY), which is somewhat lower compared to the prior year due to rising consumer pressure in many markets, drought-related electricity shortages in southern Africa, and the fact that last year's growth benefited from specific one-off events such as the FIFA World Cup which did not recur this year. The 90-day subscriber base is split between 11.1m households (57%) in the Rest of Africa and 8.4m (43%) in South Africa.

Revenue increased 3% (2% organic) to ZAR51.4bn and included subscription revenue of ZAR42.8bn, which increased 4% (3% organic) YoY. Top line momentum was affected by modest subscriber growth due to macro-headwinds in certain markets, the group's strategic decision not to increase Premium prices in South Africa and a reduction in sub-licence revenues from the South African public broadcaster. This was offset by an increased contribution of 12% (4% organic) by the technology business, Irdeto.

Full executive review of our performance