The group suffered minimal damage to its properties following the riots and flooding in KwaZulu-Natal and while room sales did decline during these periods, the long-term damage to infrastructure is what is of most concern. We have worked closely with the eThekwini municipality to assist with the removal of debris and beach clean-up programmes and we are grateful that beaches in the region have safely re-opened as this will improve the perception of KwaZulu-Natal with travellers ahead of the summer season.

Encouragingly, trading levels, while still below our long-term averages and pre-Covid-19 levels, have shown continued improvement across all regions in South Africa as well as operational hotels offshore, and the group has generated positive free cash (after finance costs, tax and maintenance capex) since October 2021. Improved activity levels across all segments (including leisure, government, corporates and groups and conferencing) in conjunction with the substantial cost restructuring undertaken over the last two years, have contributed to this positive outcome, and we believe that we have transitioned from survival to a steady recovery.