Finweek English Edition - - SIMON SAYS -

Spur re­sults were not thrilling; di­luted HEPS were 3.2% lower, a l beit t he com­pany t r um­peted “com­pa­ra­ble” HEPS as be­ing up 14.3%. But com­pa­ra­ble is not an of­fi­cial ac­count­ing term so I ig­nore it. What the com­pany does have is a large cash pile of over R300m, mostly as the re­sult of the sale of 10% of new shares to Grand Pa­rade. While Spur fails to ex­cite me, that cash pile and the Grand Pa­rade deal cer­tainly of­fer op­por­tu­ni­ties that man­age­ment needs to grab. How­ever, my con­cern with Spur has al­ways been a man­age­ment team that seems overly cau­tious; I would want to see ev­i­dence of a changed mind­set be­fore I be­come in­ter­ested. It cer­tainly lags be­hind the brand leader in the space, Fa­mous Brands*, both in terms of share price per­for­mance and in deal­mak­ing abil­ity.

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