Taste Holdings earnings up 10%

Headline earnings increased 15% to R18.2 million and headline earnings per share increased 15% to 10.7 cents.

A maiden dividend of three cents per share was declared.

Revenue was up 17% to R233.7 million, while operating profit grew 14% to R30.7 million and earnings before interest, tax, depreciation and amortisation (ebitda) increased 14% to R37 million.

The group said that despite the continued financial pressure that consumers found themselves under during 2011, it increased system-wide sales 11%, exceeding R750 million for the first time.

The group's food division consists of the Maxi's, Scooters Pizza and St Elmo's Woodfired Pizza brands.

During the year, the division made substantial strides against both its vertical integration and brand portfolio strategies through the acquisition of the 23-year old St Elmo's Woodfired Pizza brand and the development of a sauce and spice mixing capability, to complement its existing manufacturing capacity.

The division ended the year with 242 outlets and system-wide sales of R506 million from R443 million previously, an increase of 14%.

NWJ, the company's jewellery brand, is the third-largest jewellery brand in SA, with 87 national outlets.

As the only vertically-integrated franchise jewellery chain in SA, it owns and operates about 23% of the total outlets.

Operating profit for the year in this division increased 11% from the prior year to R24.2 million, with operating profit margin remaining unchanged at 14%.

Looking ahead, the company said it planned to open no fewer than five new NWJ stores during the year.