SPUR CORPORATION LIMITED - Trading Statement and Sales Update for the Year ended 30 June 2023
7 August 2023 9:00
Trading Statement and Sales Update for the Year ended 30 June 2023

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


Trading statement

In terms of the Listing Requirements of the JSE Limited, a listed company is required to publish a trading
statement as soon as it becomes satisfied that a reasonable degree of certainty exists that the financial
results for the period to be reported on next will differ by at least 20% from those of the previous
corresponding period.

Shareholders are hereby advised that Spur Corporation is currently finalising its annual financial results for
the year ended 30 June 2023 (the 2023 financial year). The group is expecting to report earnings per share
(EPS) and headline EPS (HEPS) compared to those of the year ended 30 June 2022 (the prior financial year)
as follows:

                                       2023                       2022(a)          % change
                                  expected range                 reported
    EPS (cents)                   256.91 – 264.12                 144.33           78.0% – 83.0%
    Diluted EPS (cents)           255.96 – 263.15                 143.80           78.0% – 83.0%
    HEPS (cents)                  256.70 – 263.91                 144.22           78.0% – 83.0%
    Diluted HEPS (cents)          255.75 – 262.93                 143.68           78.0% – 83.0%

(a) Shareholders are reminded that the profit for the prior financial year included the one-off income tax charge
of R13.996 million and non-deductible interest on tax liabilities of R8.038 million. These charges followed the
final resolution of the group’s dispute with the South African Revenue Service (SARS) in October 2021 over
the treatment of its 2004-2009 share incentive scheme, as detailed in the group’s SENS announcement dated
18 October 2021.

During the 2023 financial year, the company repurchased 1 499 891 ordinary shares, of which 1 309 000 are
treasury shares, and 190 891 are shares acquired as part of the group’s long-term forfeitable share scheme.
1 475 000 shares were acquired during the prior year. This resulted in the reduction in the dilutive weighted
average number of shares in issue from 84.3 million at 30 June 2022 to 82.0 million at 30 June 2023.

The financial information on which this trading statement is based is the responsibility of the directors of
Spur Corporation and has not been reviewed or reported on by the group’s independent auditor.

Sales Update

Franchised restaurant sales

The group achieved a strong trading performance for the 2023 financial year with franchised restaurant sales
increasing by 23.0% over that of the prior financial year.
In the first half of the 2023 financial year franchised restaurant sales grew by 31.5% over the comparable
period of the prior financial year. Although economic conditions remain challenging in the face of higher
inflation and severe pressure on consumer disposable income, the group’s business model continues to
demonstrate its resilience. In the second half of the 2023 financial year group sales increased by 15.1% over
the comparable period of the prior financial year.

In this constrained consumer trading environment, the group accelerated its marketing activity and amplified
brand awareness with value added campaigns, engaging sponsorship activity and outdoor exposure that
resulted in an increase in restaurant footcount of 13%. Restaurants remained focused on product quality and
enhanced customer experience which increased customer loyalty and spend.

    Restaurant sales                                             Total restaurant sales growth (%)

                                                 6 months to Dec            6 months to June   Full year to June
                                                 2022 vs 6 months           2023 vs 6 months   2023 vs full year
                                                   to Dec 2021                to June 2022      to June 2022
    Spur                                               33.6                        16.9               24.9
    Panarottis                                         28.5                         9.6               18.6
    John Dory’s                                        19.2                        -1.0                8.7
    RocoMamas                                          14.6                         4.7                9.6
    Speciality brands(b)                               62.3                        27.2               42.2
    Total South Africa                                 31.3                        14.4               22.5
    Total International                                33.0                        22.5               27.6 (c)
    Total group                                        31.5                        15.1               23.0

(b) Speciality brands include The Hussar Grill, Casa Bella and Nikos.
(c) International restaurant turnovers increased by 17.8% on a constant exchange rate basis.

Group revenue and profit

The improved trading performance, together with the high growth achieved by the retail company owned
stores, led to a continued strong recovery in both group revenue and profit. As detailed above the earnings
in the prior financial year included a one-off charge of R22,034 million relating to the SARS dispute.

The group’s results for the year ended 30 June 2023 are expected to be released on 22 August 2023.

Cape Town

7 August 2023


Questco Corporate Advisory Proprietary Limited

Date: 07-08-2023 09:00:00
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