Spur Corporation (SUR) – FY23 Results Snapshot

Diluted HEPS of 260.0 cps, up +81.0% y-y from LY (FY22: 143.7 cps).
Revenue growth of +27.4% y-y (FY22: +32.5% y-y).
GPM up +150 bps to 30.6% (FY22: 29.1%).
Operating margin up to 9.6% (FY22: 8.7%).
Expense to sales increased to 21.1% (FY22: 20.5%).
Dividend of 192.0 cps (FY22: 127.0 cps).
Franchised restaurant turnover increased +23.0% y-y to R9.5bn. Double-digit restaurant sales increases for Spur (+24.9% y-y), Panarottis (+18.6% y-y) and Speciality brands (+42.2% y-y).
Revamp of brands and restaurants and aggressive marketing activity resulted in higher sales growth, despite pressure on the disposal income of the consumer.
The Hussar Grill and Casa Bella brands within the Speciality brand segment performed well due to an increase in both local and international tourism.