Dear stakeholder
Delivering improved results in unpredictable times.
We did not expect an easy ride when we began our 2023 financial year. In the first half of 2023, we continued our strong post-pandemic recovery with good growth across our four divisions. The lifting of COVID-19 restrictions in June 2022 heralded a return to normal life and bustling restaurants. The economy also began to recover.
In the second half, local and global uncertainty and South Africa-specific challenges began to limit economic growth. The Group, and our franchise partners, had to contend with severe load shedding and rapidly increasing input costs. The consumer, both in South Africa and elsewhere, came under extreme pressure.
Yet despite these challenges, we had a solid year with improvements in all our major financial metrics. We continued to execute our strategy across our four divisions. Famous Brands achieved a Level 2 Black Economic Empowerment (BBBEE) status thanks to several years of hard work and dedication.
I thank our employees and franchise partners for contributing to our growing capability, capacity and scale in the branded food services sector. In this report, we invite you to learn more about the Famous Brands’ evolution, achievements and challenges.
Darren Hele
Chief Executive Officer (CEO)
Highlights in 2023
Increased dividends by 82% to 363 cents
Grew revenue by 15%
152 new restaurants opened
176 restaurants revamped
13 new Retail products launched
Achieved a Level 2 B-BBEE status for the first time
We entered Oman for the first time
Acquired our Midrand Campus and successfully relocated the KwaZulu-Natal Distribution Centre
What we stand for
What drives us
We are deeply passionate about innovative branded food services solutions
We value our mutually beneficial relationships with our franchise partners
We strive to be the best in all our markets at creating great consumer experiences
Our economic engine is driven by sustainable like-for-like growth
Financial performance in 2023
| * | Excludes discontinued operations. |
| ** | Operating profit margin for 2023 excluding the Gourmet Burger Kitchen (GBK) dividend of R75 million was 10.6%. |
