The Spar share price has held up surprisingly well since a recent trading update unleashed more bad news on the market. Presumably investors are comforted by the belief that the largely new leadership team knows what has to be done, and how to do it. 

It would be difficult to imagine a board that has worked harder or under greater pressure than Spar’s over the past 10 months. And while the trading update suggests shareholders will have a long wait before they see the benefits of all this hard work, if ever, it’s difficult not to assume things would have been considerably worse had the board not been overhauled and dealt with the challenges. ..

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