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HomeBreakingFamous Brands’s H1 profit soars, restores dividend

Famous Brands’s H1 profit soars, restores dividend

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Famous Brands reported a 121% rise in half-year earnings on Wednesday, as the restaurant owner continued to recover from Covid-19 lockdown restrictions which had prevented it from operating fully.

The owner of hamburger fast food chain Steers and casual dining restaurant Wimpy posted headline earnings per share of 215 cents for the six months ended August 31, from 97 cents a year earlier.

Famous Brands also restored its interim dividend payment, declaring 130 cents per share.

The nation’s hospitality industry had been one of the hardest hit by various restrictions imposed from 2020 to early last year to curb the spread of the coronavirus, including the closure of all restaurants and no alcohol sales.

Total revenue jumped by 19% to R3.6 billion, while operating profit increased 77% to R393 million.

“Since the removal of all Covid-19 restrictions in June 2022, the restaurant industry has seen a positive shift in consumer behaviour as consumers return to restaurants, resume travel and attend sporting events. This has supported improved restaurant turnovers and restaurant marketing spend,” the firm said.

However, this spend by consumers was hampered by less disposable income due to an inflationary environment, it added.

Famous Brands, like many restaurants, had to increase menu prices in line with food inflation trends due to higher input costs, such as fuel and food. More hikes are anticipated for the remainder of the year, it said.

Read the Sens here.



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