Spar cuts dividend despite rising profit and revenue
Grocery chain Spar cut its interim dividend by 6% to R2.40 from the matching period’s R2.55, despite growing revenue and profit. "In SA, the tough trading environment is likely to persist for the balance of this year, particularly with the political uncertainty undermining consumer and business confidence," CEO Graham O’Connor said. Spar reported on Wednesday morning that revenue for the six months to end-March grew 14% to R48.4bn and attributable profit was up 10% to R908m. Southern Africa contributed 68% of the group’s revenue, followed by 20% from Ireland and 12% from Switzerland. Measured by pretax profit, Southern Africa contributed 88%, Ireland 15% and Switzerland a R26.6m loss.
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