The group has reported sustained revenue and operating income growth over the review period, with revenue rising by a five-year CAGR of 14% to reach KES51.6bn in F15 and operating income rising by a CAGR of 26% to KES2.2bn. However, profits have been heavily eroded by rising interest charges, associated with the large quantum of debt that has been used to fund growth. Thus, operating profit of KES2.2bn in F14 and F15 equated to net interest cover of 1.2x in both years, compared to 1.8x in F13. Moreover, NPBT has decreased from KES823m in F13 to KES305m in F15.