Real Economy News in Real Time
R/€ =  Change:
R/$ =  Change:
Au $/oz Change:
Pt $/oz Change:
 
 
Real Economy News in Real Time
R/€ =  Change:
R/$ =  Change:
Au $/oz Change:
Pt $/oz Change:
 
 
BACK
Advertise on this page? Tap Here to Learn More

Famous Brands’ earnings fall on impairments

6th May 2019 BY: Simone Liedtke
Writer

JSE-listed franchiser Famous Brands on Monday said it was likely to report a basic loss a share of between 432c and 528c for the financial year ended February 28, compared with the earnings per share (EPS) of 22c reported for the prior financial year.

This decrease in EPS was attributed to an R873.9-million impairment relating to the GBK UK business and one-off costs of R17.2-million for professional fees and redundancy costs related to a voluntary agreement entered into with GBK Restaurants UK during the 2019 financial year.

Advertisement

Additionally, an impairment of R25.5-million was recognised in an associate company in which Famous Brands has a minority stake.

Headline earnings per share (HEPS), meanwhile, are expected to be between 265c and 329c a share, a 16% to 33% decrease on the HEPS of 393c reported for the 2018 financial year.

Advertisement

Further, Famous Brands pointed out that the group’s South African business would report an operating profit before nonoperational items in line with that of the prior comparable period, while GBK UK would record an operating loss before nonoperational items of £4.6-million, compared with earnings of £3.7-million in the 2018 financial year.

The group’s results for the financial year will be released on or about May 29. 

EDITED BY: Chanel de Bruyn Creamer Media Senior Deputy Editor Online
EMAIL THIS ARTICLE SAVE THIS ARTICLE ARTICLE ENQUIRY
Advertisement
 
 
Prev Next