STRONG YET STATIONARY
Spur results were strong with diluted HEPS up 22.4%, albeit revenue from existing Spur restaurants was up a more modest 13%, with 3.6% menu inf lation, meaning ultimately like for like was single-digit growth. It is starting to do more as management tries to shake off the reputation of playing it safe and lacking innovation, but these results don’t really do much to counter that label. Famous Brands* has long since left Spur in its wake and even Taste Holdings has overtaken it in number of stores. While many investors are singing Spur’s praises, it is now number three in this listed sector with no clear view that it’ll be moving up the ladder any time soon and, once again, I’d rather stick with the clear winner – Famous Brands.