Spur Corporation H1 diluted HEPS down 28.2%

Spur Corporation (SUR) has reported a 28.2% decline in headline earnings per share (HEPS) to 61.15c in the six months to December from the year-earlier period.

The restaurant chain said on Thursday, 26 February 2015, that a share-based payment expense of R32.96m relating its broad-based black economic empowerment deal with Grand Parade Investments (GPI) had affected its performance.

Excluding the effect of the share-based payment charge‚ diluted headline earnings per share increased by 15.2%.

The company said total restaurant sales were up 14.1% to R3.2bn from a year earlier and interim dividend per share rose 8.8% to 62c.

For the remainder of the financial year‚ the group said it planned to open 21 restaurants across its brands in SA‚ while international expansion would focus on Africa where five new franchised outlets would be opened.

However‚ Spur warned that protracted periods of Eskom load shedding were likely to affect restaurant turnover.

The stock was down 1.64% at R35.90‚ valuing the company at R3.89bn.

Source: BDpro via I-Net Bridge