Spur says half-year profits to increase by a third
The company reversed a provision for an expected credit loss related to its former BEE partner Grand Parade Investments
Restaurant group Spur said on Friday it expected interim profit for its half-year to end-December to rise by about a third, having reversed a R10.8m credit-loss provision related to former BEE partner Grand Parade Investments (GPI).
Headline earnings per share for the period are expected to rise by between 32% and 37% compared with the prior period’s 92.34c, Spur said.
In July, GPI said it would dispose of its 10% stake in Spur, which would be repurchased by Spur for R260.4m.
In 2014 Spur sold 10.8-million of its shares to GPI for R294.7.
In morning trade on Friday Spur’s share price was unchanged at R24.66, having risen 13.07% over the past 12 months.
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