Spur Corporation Limited - Spurcorp delivers palatable profits                  
Spur Corporation Limited                                                        
Share code:    SUR                                                              
Isin:          ZAE000022653                                                     
  *    Turnover +18%                                                            
  *    Headline earnings per share  +32%                                        
  *    Distribution per share +43%                                              
Popular homegrown family restaurant group Spurcorp has delivered appetising     
interims that reflect strong cash flow, a clean balance sheet and experienced,  
hands-on management.                                                            
Headline earnings grew 31% to R27,0 million ( 2003: R20,6 million) for the      
period ending 31 December 2004 and headline earnings per share increased  32% to
28,97 cents (2003: 21,97 cents).                                                
Turnover grew 18% to R105,62 million (2003: R89,21 million) while operating     
profit, excluding the effect of foreign exchange gains and losses, was 25% up at
R36 million (2003: R28,7 million).                                              
A 43% increase in distribution to shareholders - up from 14,0 cents (2003) to   
20,0 cents-should satisfy investors hungry for good returns.                    
`Market factors such as low interest rates, the strong rand, low inflation and  
increased disposable income helped us to produce a solid set of results,` said  
Group MD Pierre van Tonder.                                                     
`The spending power of the emerging middle income sector has grown substantially
in the past two years, particularly in Gauteng, and the Spur brand has been well
positioned to expand its market share.                                          
`We have also opened new restaurants in well-marketed, prime tourist locations. 
They are attracting growing numbers of families who enjoy value-for-money meals 
and fun entertainment - our Silver Spear Spur at U-Shaka Marine World in KwaZulu
Natal is a leading example.`                                                    
Highlights of the past six months included the completion of a new building in  
Gauteng incorporating the training centre, regional office and central kitchen, 
plus a revamp of the Cape Town central kitchen. This has enabled Spur to fully  
implement the Hazard Analysis Critical Control Points (HACCP) system - an       
internationally recognised process ensuring safe food products.                 
Spur also acquired a 60% share in the John Dory`s Fish and Grill franchise in   
November last year. There are currently seven outlets in KwaZulu-Natal and the  
Group has plans to roll out franchised stores nationally.                       
Spurcorp executive chairman Allen Ambor added that the Proudly SA accreditation 
of Spur and Panarottis Pizza Pasta, plus the evolution of the children`s play   
areas into one-stop edutainment centres, had supported the strong family        
positioning of the brands.                                                      
Spur Steak Ranches had also joined forces with the Heart Foundation to offer a  
tasty selection of healthy choices at SA`s favourite family restaurants.        
`Spur has always been about great food and a wide variety of choices catering   
for every taste - that hasn`t changed,` said Ambor. `What we`re doing with the  
Heart Foundation is highlighting some of the options and ensuring customers are 
informed about the healthy alternatives that are available at every Spur.`      
Ongoing value added campaigns offering popular menu items at unbeatable prices  
continued to attract new customers and retain regular clients without           
compromising the brands, he said. In addition, a new TV campaign for Spur and   
fresh radio advertising for Panarottis Pizza Pasta had contributed to turnover  
growth.                                                                         
The Group opened nine local Spur Steak Ranches and seven Panarottis Pizza Pasta 
outlets during the first half of the financial year.  Internationally, Spur     
outlets were opened in Maputo, Mozambique and Wandsworth in the UK.  There are  
now 201 Spurs, 48 Panarottis Pizza Pasta restaurants and seven John Dory`s in   
SA, and 24 Spurs and seven Panarottis Pizza Pasta outlets internationally.      
The Group will soon open a new Spur in Lusaka and is exploring opportunities in 
Nigeria and Ghana.                                                              
`We are confident that, with the expected continuation of favourable market     
conditions, we are well positioned to continue delivering strong earnings growth
for the second half of the financial year,` said van Tonder.                    
Ends                                                                            
Issued by      :    Meropa Communications                                       
On behalf of   :    Spurcorp                                                    
Contact        :    Judy Bryant Meropa Communications                           
                    021-6836464 / 083 2867168                                   
                    Spurcorp 021-4621293                                        
Date: 03/03/2005 03:01:06 PM                   
Produced by the JSE SENS Department