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Like a number of companies in the global hospitality sector, Spur Corporation has caught most of the negatives associated with the Covid-19 pandemic. And it is not just the intermittent lockdowns that have wreaked havoc on these businesses — the SA economy is languishing and now has the dubious distinction of having the highest unemployment rate on earth.

Against this background, it is difficult to see how companies such as Spur, which rely on buoyant consumer spending, can prosper in the medium term, after a favourable bounce from 2020’s low base of comparison. Despite this generally negative commentary on the fast-food and quick-service restaurant (QSR) sector, Spur appears to be in better financial shape than its JSE-listed peer, Famous Brands, and that is reflected in a somewhat less catastrophic share price decline since the pandemic struck...

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