14 February 2017 10:00
SUR 201702140014A
Trading statement

(Incorporated in the Republic of South Africa)
(Registration number 1998/000828/06)
Share Code: SUR & ISIN: ZAE000022653
("Spur" or "the company")


In terms of the Listings Requirements of the JSE Limited,
companies are required to publish a trading statement as
soon as a reasonable degree of certainty exists that the
financial results for the period to be reported upon next
will differ by at least 20% from the financial results for
the previous corresponding period.

Accordingly, shareholders are advised that Spur is
expecting to report earnings as follows:

                                       Six months
                    Six months to           to 31
                      31 December        December
                             2016            2015    % change
EPS and diluted
EPS (cents)        115.14 –   119.82       93.61    23% – 28%
EPS and diluted
EPS (cents) –
operations         111.34 –   116.06       94.36    18% - 23%
HEPS and diluted
HEPS (cents)       109.10 –   114.20      101.96     7% - 12%
HEPS and diluted
HEPS (cents) –
operations         111.39 –   116.11       94.40    18% - 23%

EPS: earnings per share
HEPS: headline earnings per   share

By 30 June 2016, the group had ceased trading in the UK and
Ireland. These operations represented a separate major line
of business and a separate operating segment for reporting
purposes. The results of the segment will accordingly be
disclosed separately to continuing operations, as referred
to in the table above.

Excluding the impact of the UK and Ireland business unit,
the increase in earnings from continuing operations is due
to certain one-off and unusual items in the current and
prior periods including the impact of the group’s cash-
settled share incentive scheme, the fair value adjustment
to the RocoMamas contingent consideration liability arising
from the acquisition of RocoMamas in March 2015, and
foreign exchange movements.

Shareholders are advised that, excluding the impact of
these items, Spur is expecting to report the following:

                              % change from six months
                              ended 31 December 2015 to six
                              months ended 31 December 2016

Comparable profit before                2% - 7%
income tax

Comparable HEPS                         2% - 7%

The financial information on which this trading statement
is based has not been reviewed or reported on by the
company’s auditors. Spur’s interim results for the period
ended 31 December 2016 are expected to be published on 23
February 2016.

Cape Town
14 February 2017

A division of Sasfin Bank Limited

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