The board of directors of Famous Brands is satisfied that a reasonable degree of certainty exists that the Group’s consolidated financial results for the six months ended 31 August 2023 (“review period”) will differ by at least 20% from those reported for the six months ended 31 August 2022 (“the prior comparable period”) for basic earnings per share (“BEPS”) and is therefore required to issue this trading statement in terms of Section 3.4(b)(i) of the Listings Requirements of the JSE Limited.
The business has continued to improve its revenue performance mainly due to further improvements across the value chain. However, the high levels of sustained load shedding, related cost pressures and a challenging economic environment impacted the profitability of the Group.
The reported headline earnings per share (“HEPS”) for the review period is expected to be between 221 cents and 178 cents per share, representing a change of between 3% and (17%) when compared to the prior comparable period. The reported BEPS is expected to be between 225 cents and 174 cents per share, representing a decrease of between (13%) and (33%) when compared to the prior comparable period.
The reduction in BEPS is predominantly due to the Gourmet Burger Kitchen Limited (“GBK”) liquidation dividend of R75 million that was received in August 2022. Excluding the GBK liquidation dividend, the reported BEPS would have been between 180 cents and 217 cents per share for August 2022.
|31 August 2022 Prior comparable period earnings Cents||Expected change in percentage||31 August 2023 Expected earnings Cents|
|HEPS||215||3 – (17)||221 – 178|
|BEPS||259||(13) – (33)||225 – 174|
The Group’s results for the review period will be published on SENS on or about Tuesday, 24 October 2023.
A live audio webcast of the results will be held at 10H30 (SAST) on 24 October 2023. To pre-register please use this link: https://www.corpcam.com/FamousBrands24102023
The financial information on which this announcement is based has not been reviewed or reported on by the Group’s external auditors.
9 October 2023
The Standard Bank of South Africa Limited