Famous Brands trading statement | Fin24
 
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Famous Brands trading statement

Oct 11 2016 16:22

Johannesburg - Famous Brands said in a trade update on Tuesday that it is satisfied that a reasonable degree of certainty exists with regard to the financial results of the company for the six months ended August 31 2016.

The results for the review period have been impacted upon by two exceptional items. Firstly, there was a R141m derivative gain on the call option that was utilised to hedge the purchase price of the acquisition of GBK Restaurants in the United Kingdom.

Secondly, there was a R20m impairment of the investment made in 2013 in UAC Restaurants in Nigeria.

Accordingly, headline earnings per share (heps) compared to the comparative prior period are expected to increase in the range of 67% to 74%, being 403 cents per share to 419 cents per share - compared to241 cents per share in 2015.

Heps, before exceptional items, compared to the comparative prior period are expected to increase in the range of 10% to 14%, being 264 cents per share to 275 cents per share - compared to 241 cents per share in 2015.

Basic earnings per share (EPS) compared to the comparative prior period are expected to increase in the range of 58% to 65%, being 383 cents per share to 399 cents per share - compared to 242 cents per share in 2015.

Basic EPS, before exceptional items, compared to the comparative prior period are expected to increase in the range of 10% to 14%, being 265 cents per share to 276 cents per share - compared to 242 cents per share in 2015.

The financial information on which this trading statement is based has not been reviewed or reported on by the company's external auditors. The results for the review period will be released on or about October 24 2016.

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