A WEE DRAM
CHRIS GILMOUR: Spur has a lot on its plate with economic crunch and squeeze
Spur Corporation has released a miserable set of results for the year-ended June 30 2017. Against a backdrop of a languishing economy with escalating food inflation, a highly competitive market place with very aggressive pricing promotions and an unfortunate social media incident, Spur’s comparable headline earnings per share from continuing operations fell 8.3%. But CEO Pierre van Tonder isn’t capitulating: "We’re 50 years old this year and we’re up for a fight." He is a great natural leader, but he will need all his skills to turn these results around. Chief financial officer Ronel van Dijk views these results as a tale of a good first nine months, followed by a very poor last three months. In the first of these periods, most of the Spur brands, with the notable exception of Captain DoRegos, performed well.But in the last three months the group was battered by the perfect storm. During that period, in the immediate aftermath of the destructive cabinet reshuffle that led to Pravin ...
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