SUR : Interim results, cash dividend and change to board subcommittees: https://senspdf.jse.co.za/documents/2020/jse/isse/sur/H12020.pdf
Interim results, cash dividend and change to board subcommittees

Spur Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/000828/06)
Share code: SUR
ISIN: ZAE 000022653
("Spur Corporation" or "the group" or "the company")


UNAUDITED GROUP INTERIM RESULTS FOR THE SIX MONTHS ENDED 31
DECEMBER 2019, CASH DIVIDEND AND CHANGE IN BOARD SUBCOMMITTEES
Revenue                                         +8.4%
Profit before income tax                        +19.5%
Comparable profit before income tax             +8.2%
Headline earnings                               +29.0%
Earnings per share                              +36.3% to 125.9 cents
Diluted headline earnings per share             +35.6% to 124.9 cents
Interim dividend per share                      +23.8% to 78 cents
Net asset value per share                       -14.4%


TRADING PERFORMANCE
Spur Corporation increased total franchised restaurant sales across its local and
international operations by 4.5% to R4.1 billion.

Economic headwinds continued to dampen consumer spending in South Africa, with
local franchised restaurant sales growth of 4.7% reflecting the pressure on the group's
main middle-income customer base.

Spur Steak Ranches increased restaurant sales by 4.5%, with 2.5% sales growth in
existing restaurants. Spur's new contemporary restaurant design and decor is proving
appealing to customers while a new menu has been introduced which caters for an
increasing range of taste profiles, including vegan-friendly meal options.

Restaurant sales in Pizza and Pasta, incorporating Panarottis and Casa Bella, grew by
1.5%. Panarottis continues to be impacted by aggressive discounting in the takeaway
pizza market where competitors battle to maintain sales volumes.

John Dory's increased restaurant sales by 6.6%, benefiting from the reopening of two
major outlets which were temporarily closed for most of the comparative period.
RocoMamas grew restaurant sales by 6.4% as a net five new outlets were opened. The


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resilience of The Hussar Grill's higher income customers, together with the good
performance of recently opened restaurants, contributed to sales increasing by 9.2%.

International restaurant sales increased by 4.1% on a constant exchange rate basis and
by 2.7% in Rand terms. Restaurant turnover for the Africa and Middle East operations,
which represents 82.3% of total international turnover, increased by 9.6%. Restaurant
sales in Australia and New Zealand declined by 20.3% following the closure of a net two
restaurants and continued poor trading conditions.

Following the opening of a net 22 outlets, the group's restaurant base increased to 642,
of which 83 are located outside South Africa.

FINANCIAL PERFORMANCE
Group revenue increased by 8.4% to R525.0 million, with revenue generated from
South Africa increasing by 8.9% and international revenue declining by 2.5%.

Profit before income tax increased by 19.5% while comparable profit before income tax,
excluding exceptional and one-off items and the impact of marketing funds, increased
by 8.2%.

Headline earnings increased by 29.0% to R113.5 million, with diluted headline earnings
per share 35.6% higher at 124.9 cents. Excluding the impact of the marketing funds and
exceptional and one-off items, diluted headline earnings per share increased by 14.6%.

PROSPECTS
In the environment of low economic growth, weak consumer confidence and pressure
on consumer spending, the group will maintain its focus on food quality, value and
competitive pricing, driving customer loyalty across all brands and growing market
share.

The group plans to open 11 outlets in South Africa and 17 internationally in the second
half of the year, including 14 in the rest of Africa and 3 in Saudi Arabia.

CASH DIVIDEND
Shareholders are advised that the board of directors of the company has, on
Wednesday, 26 February 2020, resolved to declare an interim gross cash dividend for
the six month period to 31 December 2019 of R70.978 million, which equates to 78
cents per share for each of the 90 966 932 shares in issue, subject to the applicable tax
levied in terms of the Income Tax Act (Act No. 58 of 1962 amended) ("dividend
withholding tax") of 20%.

The dividend has been declared from income reserves. The net dividend is 62.4 cents
per share for shareholders liable to pay dividend withholding tax. The company's
income tax reference number is 9695015033. The company has 90 966 932 shares in
issue at the date of declaration.


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In accordance with the provisions of Strate, the electronic settlement and custody
system used by the JSE Limited, the relevant dates for the dividend are as follows:

Event                                      Date
Last day to trade  cum dividend'           Tuesday, 31 March 2020
Shares commence trading  ex dividend'      Wednesday, 1 April 2020
Record date                                Friday, 3 April 2020
Payment date                               Monday, 6 April 2020

Those shareholders of the company who are recorded in the company's register as at
the record date will be entitled to the dividend.

Share certificates may not be dematerialised or rematerialised between Wednesday, 1
April 2020 and Friday, 3 April 2020, both days inclusive.

CHANGE IN BOARD SUBCOMMITTEES

Following the retirement of Mr Muzi Kuzwayo from the board at the annual general
meeting on 6 December 2019, Ms Cora Fernandez has been appointed to serve on the
board's remuneration and nominations committee and Ms Shirley Zinn has been
appointed to serve on the board's social, ethics and environmental sustainability
committee with effect from 26 February 2020.


For and on behalf of the board
Mike Bosman                                    Pierre van Tonder
Chairman                                       Group chief executive officer

Cape Town
27 February 2020

Directors
Independent non-executive: MJ Bosman (Chairman), C Fernandez, D Molefe, M
Morojele, S Zinn
Executive: P van Tonder (CEO), M Farrelly (COO), P Matthee (CFO)

Company secretary
Kilgetty Statutory Services (South Africa) (Pty) Ltd (appointed 1 August 2019)

Registered office
14 Edison Way, Century Gate Business Park, Century City, 7441

Transfer secretaries
Computershare Investor Services (Pty) Ltd, Rosebank Towers, 15 Biermann Avenue,
Rosebank, 2196

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Sponsor
Sasfin Capital, a member of the Sasfin Group


This short-form announcement is a summary of the information contained in the detailed
interim results announcement which is available at
https://senspdf.jse.co.za/documents/2020/jse/isse/sur/H12020.pdf
and on the website at www.spurcorporation.com/investors/results-centre. The full
announcement is available for inspection, at no charge, at the company's registered
office and at the offices of Sasfin Capital (29 Scott Street, Waverley, Johannesburg) and
copies may be requested from the company's registered office during business hours.
Any investment decision in relation to the company's shares should be based on the full
announcement. This short-form announcement is the responsibility of the board of
directors and has been prepared under the supervision of the chief financial officer,
Phillip Matthee CA (SA).




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Date: 27-02-2020 09:00:00
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