announced today that its businesses performed well despite weak business confidence. In a lackluster economy, the Group continued to attract new customers and grow its market share. Capital Appreciation also diversified its revenue mix with the introduction of new products and services across multiple sectors and regions. This creates significant growth opportunities for the Group moving forward.The Group grew gross revenues by 19% to R1.2 billion and EBITDA by 53% to R252.8 million.
Excellent expense management and operational performance grew EBITDA by 20% to R248.0 million and boosted margins from 39% to 44%. Payments were successful in several meaningful tenders that were awarded post-year-end. These new contracts extend over a three- to five-year period.
The Payments and Software divisions are experiencing robust demand, with their business units strategically positioned for the promising year ahead.
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