Of the turnover, 32% was generated in foreign currency. This is up from 23.1% the year before. Headline earnings per share also increased 22.1%.
SPAR South Africa’s 80% ownership of BWG Group (owners of SPAR in Ireland) is showing positive results. BWG delivered excellent growth, underpinned by a positive contribution from all brands and store formats. The Irish operations delivered 36.8% turnover growth, bolstered by the acquisition of Londis, which has been fully integrated ahead of plan and is beating expectations.
The acquisition of a majority stake in SPAR Switzerland, effective on 1 April 2016, added a third geographic region to SPAR South Africa’s portfolio. Turnover of SPAR Switzerland, consolidated for the last six months, contributed R5.9 billion.
SPAR’s core Southern African business recorded turnover growth of 9.5%, underpinned by aggressive promotional and marketing activity in a highly competitive market.
SPAR South Africa’s organic growth focus continued to pay off with positive indications of market share gains across all store formats.
Profit after tax improved by 27.7% to R1.8 billion, from R1.4 billion a year before, with SPAR noting the benefit of lower effective tax rates in Ireland and Switzerland.
In a statement issued 16th November, the Group said it would maintain its focus on the growth of its Southern African business, “regardless of the uncertainty of both the economic and political landscape.
“Management and the board believe we will continue to prosper in our chosen markets and deliver value to our shareholders,” the statement concluded.
Read more via the SPAR SA website