The Board of Directors is satisfied that a reasonable degree of certainty exists that the Group’s financial results for the year ended 28 February 2023 will differ by at least 20% from those reported for the year ended 28 February 2022 (“the prior comparable year”) 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 continues to improve its financial performance after the lifting of the COVID-19 restrictions in June 2022 mainly due to a good recovery in quick service restaurant performance and casual dining. The dramatic increase in the level of load shedding combined with difficult economic conditions, has however muted the growth prospects across the value chain of the Group.

The reported headline earnings per share (HEPS) is expected to increase between 27% and 47% when compared to the prior comparable year and the reported basic earnings per share (BEPS) is expected to increase between 55% and 75% when compared to the prior comparable year.

The improvement in earnings is mainly due to an increase in sales driven by Leading brands and Logistics revenue. BEPS was positively impacted by the GBK liquidation dividend of R75 million.

28 February 2022
Prior comparable
year earnings
28 February 2023
Expected earnings
HEPS 356 27 – 47 452 – 523
BEPS 317 55 – 75 491 – 555

The Group’s results for the year will be published on SENS on or about Monday 22 May 2023.

A live audio webcast of the results will be held at 10H30 (SAST) on 22 May 2023. 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.

4 May 2023

Sponsor and Corporate Broker
The Standard Bank of South Africa Limited