The Board of Directors is satisfied that a reasonable degree of certainty exists that the Group’s financial results for the six months ended 31 August 2021(“review period”) will differ by at least 20% from those reported for the six months ended 31 August 2020 (“prior comparable period”) and is therefore in a position to issue this trading statement in terms of Section 3.4(b)(i) of the Listings Requirements of the JSE Limited.


  • Across our trading markets, in South Africa (“SA”), rest of Africa and the Middle East and the United Kingdom (“UK”), the negative financial impact of the COVID-19 global pandemic (“pandemic”) and resultant national lockdowns and trading restrictions as well as the civil unrest experienced in SA have materially impacted the Group’s results.
  • The Group’s performance recovered in varying degrees across our trading markets from the pandemic’s worst financial impacts, compared to the prior comparable period.
  • Aligned with our three-year roadmap our focus over the review period continues to be reducing costs and preserving cash to facilitate balance sheet flexibility. In this regard, it is also pleasing to report that we have not utilised any of our contingency banking facilities.

The prior comparable period earnings were impacted by an impairment of R1.3 billion (net of tax), recognised at Group level in relation to the Group’s investment in the Gourmet Burger Kitchen (GBK), UK. The review period results have been supported by improved sales.

As a result, the headline earnings per share (HEPS)for the review period to be reported on is expected to increase between 329 cents and 349 cents when compared to the prior comparable period and the reported basic earnings per share (BEPS) for the review period is expected to increase between 1,621 cents and 1,641 cents when compared to the prior comparable period.

  31 August 2020
Prior year
31 August 2021
Expected earnings
Basic earnings per share (1,535) 1,621 – 1,641 86 – 106
Headline earnings per share (240) 329 – 349 89 – 109

We continue to implement rigorous health and safety protocols across our operations to play our part in reducing the spread of the virus. These measures have enabled the business to deliver responsible, safe, uninterrupted service to our customers and ensure the well-being of our employees.

The Group’s results for the review period will be published on SENS on or about Wednesday, 27 October 2021.

A live audio webcast of the results will be held at 10H00 (SAST) on 27 October 2021. To pre-register link to:

The financial information on which these announcements are based has not been reviewed or reported on by the Group’s external auditors.

13 October 2021 Midrand

Sponsor The Standard Bank of South Africa Limited