MOMENTUM WITH OUR PEOPLE INITIATIVES
Famous Brands cultivates a high performance environment and unique culture. Our Voice your View annual employee survey indicates that employees value our positive working environment. In 2024, our overall score of 78% (2023: 77%) places us in the top company category for the survey.
FINANCIAL HIGHLIGHTS
| * | Operating profit for 2023, excluding the Gourmet Burger Kitchen (GBK) dividend of R75 million was R786 million, therefore operating profit in 2024 would have increased by 3.3% |
DELIVERING ON OUR STRATEGY
We continued to execute our strategy across all divisions with several strategy highlights for 2024:
- Added 137 new restaurants
- Investment in Logistics infrastructure
- Launched 14 new retail products
- Maintained our Level 2 B-BBEE status
- Improved cash generation
- Maintained low gearing and leverage
AGILITY AND PERFORMANCE IN COMPLEX CONDITIONS
We continued to grow our revenue and achieve our strategic objectives despite worsening economic and trading conditions. In response to the headwinds we face, we are investing in our energy independence, protecting the sustainability of our franchise partners, and managing our cost base closely. A healthy balance sheet and strong cash generation position Famous Brands for future growth.
INCREASED DIGITAL ENABLEMENT AT RESTAURANTS
We continued to develop our consumer technology capabilities to enhance consumer experience for our brands and franchise partners. In October 2023, we acquired a 45% associate shareholding in Munch Software. The business is in the Point of Sale (POS) software industry, offering a modern cloud-based platform. This new partnership will support Famous Brands in achieving its ambitions to digitise the restaurant management technology ecosystem.
A FIT-FOR-PURPOSE SUSTAINABILITY APPROACH
We acknowledge our obligation to introduce better practices to create sustainable products, reduce waste, and conserve natural resources. We continued to invest in solar installations and generated 981 MWh from solar.
Packaging improvements in 2024 will remove an additional 295 tonnes of plastic per annum. In 2024, we developed a new Sustainability Framework to reshape our future focus areas.