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Spar profits rise‚ helped by acquisition of Irish retailer

13 Nov 2014

South African retailer Spar on Wednesday, 12 November 2014, reported full-year profit growth of 12.6%‚ helped by its recent acquisition of Irish food and wholesale distribution company‚ the BWG Group.

Spar profits rise‚ helped by acquisition of Irish retailer

Spar said diluted headline earnings per share (HEPS) rose to 730.4c in the year ended September from 648.6c in the year-earlier period‚ despite tough market conditions and that consumers remained under pressure.

Group turnover increased by 15% to R54.5bn during the period. Turnover growth excluding BWG was 9.2%.

Profit after tax increased to R1.3bn from R1.2bn in September 2013.

Its South African operations‚ which consist of its food stores‚ liquor chain Tops and do-it-yourself specialists Build It‚ showed profit after tax growth of 13.3%. The BWG Group accounted for the remainder of the increase.

In August‚ Spar acquired a controlling interest of 80% in the BWG Group.

"The consolidation of two months (of) results of BWG made a meaningful financial contribution in the year under review‚" the company said in a statement‚ adding that it believed the company would continue to deliver significant shareholder value going forward.

The company declared a final dividend of 345c per share.

Source: BDpro via I-Net Bridge

Source: I-Net Bridge

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