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Earnings rise, maiden dividend for Taste

Johannesburg - Quick service restaurant company Taste Holdings [JSE:TAS] on Tuesday reported a 10% rise in diluted headline earnings per share (Heps) to 10.2 cents for the year ending February, from 9.3c a year ago.

Headline earnings increased 15% to R18.2m and headline earnings per share increased 15% to 10.7 cents.

A maiden dividend of 3c/share was declared.

Revenue was up 17% to R233.7m, while operating profit grew 14% to R30.7m and earnings before interest, tax, depreciation and amortisation increased 14% to R37m.

The group said that despite continued financial pressure on consumers, it increased sales 11%, exceeding R750m for the first time.

The group's food division consists of the Maxi's, Scooters Pizza and St Elmo's Woodfired Pizza brands.

During the year it acquired the 23-year-old St Elmo's Woodfired Pizza brand and developed a sauce and spice mixing capability to complement existing manufacturing capacity.  

NWJ, the company's jewellery brand, is the third-largest jewellery brand in SA, with 87 national outlets.

As the only vertically-integrated franchise jewellery chain in SA, it owns and operates about 23% of the total outlets.

Operating profit for the year in this division increased 11% from the prior year to R24.2m, with operating profit margin remaining unchanged at 14%.

The company said it planned to open no fewer than five new NWJ stores during the year.
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