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