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Spur Corp Ltd said on Monday the recovery in revenue and profit remained strong for the full year, and flagged a sharp rise in earnings despite constrained consumer trading environment. In a trading statement, the Cape Town-based restaurant franchise operator said it achieved a strong trading performance, with franchised restaurant sales increasing by 23% for the financial year that ended June 30, compared to the same period last year. Shares in Spur rose by 2.2% to R 24.01 on Monday morning in Johannesburg. In the first half of its financial year, franchised restaurant sales grew by 32% over the comparable period last year. Sales rose by 15% in the second half over the comparable period of the prior financial year. Spur guides for a surge in earnings per share to a range of between 256.91 rand cents and 264.12 cents full year from 144.33 cents. Headline EPS are likely to soar to between 256.70 cents and 263.91 cents from 144.22 cents. Spur said profit for the prior financial year included the one-off income tax charge of R 13.9 million and non-deductible interest on tax liabilities of R 8.0 million. These charges followed the final resolution of the group’s dispute with the South African Revenue Service in October 2021 over the treatment of its 2004-2009 share incentive scheme. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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