BUSINESS DAY TV: ‘The market is tough and the local market is seeing a tapering off’
BUSINESS DAY TV: The Spar Group has reported a dip in half year earnings after issuing shares to fund foreign acquisitions and as it settles share schemes aimed at black investors. Joining us now on the line with more of the detail on the numbers is CEO Graham O’Connor. Graham, there have been some anomalies impacting your results over the period, but that said, sales rose 12.6%, slower than last year’s 16.7% growth, so anomalies aside, give us a sense of just how much tougher an environment it’s becoming to realise growth. GRAHAM O’CONNOR: It’s impacted by three elements. First of all, we had the positive impact of our Spar Switzerland in the first six months, so it helped turnover grow. Our Irish business was negatively impacted by the exchange rate so that’s [a] plus 1.5% increase in the rand, in euro terms, but in rand terms minus 13%. And then our South African business growing by 5.5%. So really a combination of all three, but the market is tough and the local market is seeing...
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