Steers and Wimpy-owner Famous Brands has hiked its full-year dividend by more than 80%, reporting earnings that rose more than a third as it benefitted from the lifting of Covid-19 restrictions that saw South Africans flocking back to restaurants.
But while the quick service and casual dining group said on Monday that "foot counts and dwell times" in shopping centres improved to support restaurants located there, it also warned consumers were coming under pressure amid a"competitive environment" that saw it coming head-to-head with others for a"share of wallet".
The company reported that its revenue rose 15% to R7.4 billion,"materially higher" than its pre-Covid levels, while operating profit rose 37% to R861 million. Headline earnings per share were also up 37% to 488c, while its dividends per share rose 82% to 363c.A deep dive into the big business story of the week, as well as expert analysis of markets and trends.
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