Wrap Text
Consolidated Audited Annual Financial Statements for the Financial Year Ended 30 June 2026 (“Annual Financial Statements”) and Payment of Cash Dividend
SPUR CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/000828/06)
Share Code: SUR
ISIN: ZAE000022653
(“Spur Corporation”, “the company” or “the group”)
SHORT-FORM ANNOUNCEMENT
CONSOLIDATED AUDITED ANNUAL FINANCIAL STATEMENTS FOR THE FINANCIAL
YEAR ENDED 30 JUNE 2026 (“ANNUAL FINANCIAL STATEMENTS”) AND PAYMENT
OF CASH DIVIDEND
Shareholders of Spur Corporation are advised that the group’s Annual Financial Statements
and a summary thereof (“Summary Financial Statements”), were published on the websites
of the JSE Limited and the group, today, 20 August 2026.
KEY FEATURES
Franchised restaurant turnovers up 6.9% to R12.3 billion
Revenue up 8.5% to R4.2 billion
Adjusted 1:
• Profit before income tax up 12.8% to R453.1 million
• Earnings per share up 11.6% to 376.65 cents
• Headline earnings per share up 8.9% to 370.28 cents
Reported:
• Profit before income tax down 19.4% to R323.6 million
• Earnings per share down 36.1% to 215.69 cents
• Headline earnings per share down 38.4% to 209.32 cents
Dividend per share up 9.0% to 326 cents
Dividend yield 7.6%
Cash generated from operations up to R488.6 million
Unrestricted cash at year end at R493.8 million
Return on equity at 22.6%
1
The group’s reported profit before income taxation, earnings per share and headline earnings per share are adjusted for the
impact of the provision for the GPS litigation claim in the current year (“Pro Forma Financial Information”). In terms of the Listings
Requirements of the JSE Limited these adjusted numbers constitute pro forma financial information and is presented for illustrative
purposes only. The Pro Forma Financial Information is the responsibility of the group’s directors. The purpose of the Pro Forma
Financial Information is to illustrate the impact on the group’s earnings measures of excluding the effects of the provision for the
GPS legal claim in the current year on the group's reported financial performance for the year ended 30 June 2026.
An assurance report (in terms of ISAE 3420: Assurance Engagements to Report on the Compilation of Pro Forma Financial
Information included in a prospectus issued by the International Auditing and Assurance Standards Board) has been issued by
the group’s auditor, PricewaterhouseCoopers Inc., in respect of the Pro Forma Financial Information included in this
announcement. The Pro Forma Financial Information should be read in conjunction with this assurance report which is available
on the company’s website at https://spurcorporation.com/investor-hub/financial-results/.
TRADING PERFORMANCE
The financial year ended 30 June 2026 was impacted by a highly challenging trading
environment marked by constrained consumer spending, rising input costs, heightened
competition, labour and skills pressures, and continued shifts towards value, convenience
and digital engagement. Competitive pressure intensified across eating-out and order-in
occasions, particularly from quick-service restaurant players, aggregator-led offers and
strong promotional activity in categories such as burgers, pizza and family dining.
Despite market conditions, our franchisees and operational teams have remained resilient.
The group achieved a solid trading performance with franchised restaurant sales increasing
by 6.9% over the prior year.
The marketing and operations teams continue to activate new value-added campaigns,
including shareable or combo deals, robust loyalty campaigns and incentives to attract
customers to our restaurants and bolster sales. Menu innovation and everyday quality
offerings remain key to the consumer who is seeking added value.
Our franchisees have demonstrated their commitment by investing in restaurant upgrades and
the adoption of our new formats and refreshed brand identities. The Spur brand reached the
significant milestone of 100 new-look restaurants trading under the revitalised Spur
restaurant concept by year end (presently 104), including seven new-look stores in the
rest of Africa.
Panarottis’ repositioning continues to gain traction, supported by positive customer
feedback and increased franchisee enthusiasm for new store openings. 89% of the
Panarottis network displays the updated store design.
The group’s brand evolution strategy extends to the speciality dining segment with
enhanced designs being implemented for Hussar Grill. Doppio Zero has been highly
innovative in introducing new formats such as Doppio Caffè and Doppio Bistrot, which are
tailored to suit specific channels and cater for specific market segments. A ‘coffee on the
move’ format called Doppio ROAM successfully opened shortly after year end.
Our customer metrics remain positive. The annual customer count increased steadily over the
prior year and average spend-per-head grew slightly above menu-price inflation. The group
successfully trades in all day parts: breakfast, lunch (the largest revenue stream) and dinner.
The group traded through 751 restaurants in 14 countries at the end of June 2026 (2025: 724).
In South Africa, 42 restaurants were opened during the year and 15 restaurants were closed;
while seven NIKOS restaurants were removed from the store network as part of the sale of
the NIKOS franchise business during the year. Internationally, the group opened 10 new
restaurants and three restaurants were closed.
FINANCIAL PERFORMANCE
The competitive performance of the group’s brands contributed to continued strong growth in
both group revenue and trading profit.
Group revenue increased by 8.5% to R4 190.7 million (2025: R3 863.2 million). Improved
franchised restaurant turnovers translated into a 6.0% revenue growth for the South African
franchise segments. The Manufacturing and distribution division also provided an additional
boost to revenue growth with a strong increase in revenue of 11.3% on the prior year.
The group delivered a strong underlying performance for the year, with profit before tax growth
broadly in line with revenue growth, before the impact of the GPS litigation claim provision.
The financial performance for the year was impacted by the raising of a provision for the GPS
litigation claim, as communicated on SENS, which was disclosed as a contingent liability in
previous years. The provision of R129.5 million includes the award amount of R74.6 million,
interest at the prescribed rate of 10% from the date of the original summons and estimated
legal costs.
Excluding the GPS litigation provision, adjusted profit before income tax increased by 12.8%
to R453.1 million. Including the impact of the GPS provision, profit before income tax
decreased by 19.4% to R323.6 million (2025: R401.7 million).
Group headline earnings per share decreased by 38.4% to 209.3 cents (2025: 339.9 cents),
while group earnings per share decreased by 36.1% to 215.7 cents (2025: 337.5 cents).
Excluding the impact of the GPS provision, adjusted headline earnings per share increased
by 8.9% to 370.3 cents, and adjusted earnings per share increased by 11.6% to 376.6 cents.
The company’s unrestricted cash balance increased to R493.8 million as at 30 June 2026
(2025: R477.1 million).
The cash generation and the allocation of the group’s capital remain key focus areas of the
executive directors and the board of directors of the company (“board”).
PAYMENT OF CASH DIVIDEND
The group has historically distributed a substantial portion of headline earnings as dividends.
The board evaluates capital allocation priorities, weighing dividend distributions against other
opportunities such as share repurchases and strategic investments. Key considerations
include market conditions, trading outlook, forecasted cash generation, contingent liabilities
and overall liquidity. This approach enables the board to respond to evolving market dynamics
and allocate capital effectively.
Shareholders are advised that the board has, on 18 August 2026, resolved to declare a final
gross cash dividend for the year ended 30 June 2026 of R187.5 million, which equates to
206.0 cents per share and the full-year dividend increasing by 9.0% to 326.0 cents per share
for each of the 90 996 932 shares in issue, subject to the applicable tax levied in terms of the
Income Tax Act (Act No. 58 of 1962), as amended (dividend withholding tax).
The dividend has been declared from income reserves. The dividend withholding tax is 20%
and a net dividend of 164.8 cents per share will be paid to those shareholders who are not
exempt from dividend withholding tax.
The company’s income tax reference number is 9695015033. The company has 90 996 932
shares in issue at the date of declaration.
In accordance with the provisions of Strate, the electronic settlement and custody system used
by the JSE Limited, the relevant dates for the dividend are as follows:
Event Date
Last day to trade “cum dividend” Tuesday, 8 September 2026
Shares commence trading “ex dividend” Wednesday, 9 September 2026
Record date Friday, 11 September 2026
Payment date Monday, 14 September 2026
Those shareholders of the company who are recorded in the company’s register as at the
record date will be entitled to the dividend.
Share certificates may not be dematerialised or rematerialised between Wednesday, 9
September 2026, and Friday, 11 September 2026, both days inclusive.
OUTLOOK
Supported by its portfolio of distinctive restaurant brands, the group is well positioned to gain
market share across categories, regions and countries by providing growing middle-income
markets with casual dining restaurant experiences through our family sit-down and fast casual
restaurants and higher-income customers with speciality dining experiences.
Although trading conditions are expected to remain challenging in the short to medium term,
the group remains optimistic about its long-term growth prospects. The group aims to continue
creating meaningful, sustainable value for its customers, franchisees, employees and
investors.
The group continues to secure key trading sites and plans to open 50 new restaurants in South
Africa and 16 internationally for the 2027 financial year.
For and on behalf of the board
Mike Bosman Val Nichas
Independent non-executive chairman Group chief executive officer
20 August 2026
This short-form announcement is a summary of the information contained in the Annual
Financial Statements and the Summary Financial Statements, which are available as follows:
Annual financial statements at
https://senspdf.jse.co.za/documents/2026/jse/isse/SUR/YE2026.pdf
and on the company's website at
https://spurcorporation.com/investor-hub/financial-results/
Summary Financial Statements on the company’s website at
https://spurcorporation.com/investor-hub/financial-results/
The Annual Financial Statements are available for inspection, at no charge, at the company's
registered office and at the offices of the company’s sponsor, Questco Corporate Advisory
Proprietary Limited (Ground Floor, Block C, Investment Place, 10 th Road, Hyde Park,
Johannesburg), and electronic copies may be requested from the company secretary at
companysecretary@spur.co.za and from the sponsor at sponsor@questco.co.za, during
business hours.
Any investment decision in relation to the company's shares should be based on consideration
of the Annual Financial Statements. This short-form announcement is the responsibility of the
board of directors and has been prepared under the supervision of the group chief financial
officer, Cristina Teixeira CA (SA).
The Annual Financial Statements have been audited by the group’s auditors,
PricewaterhouseCoopers Inc., who expressed an unmodified audit opinion thereon. This
auditor’s report, along with the Annual Financial Statements for the year ended 30 June 2026,
can be downloaded from https://spurcorporation.com/investor-hub/financial-results/. The
integrated annual report and notice of annual general meeting is expected to be published on
or before 31 October 2026. The Annual Financial Statements have been prepared in
accordance with IFRS, the SAICA Financial Reporting Guides as issued by the Accounting
Practices Committee and the Financial Pronouncements as issued by the Financial Reporting
Standards Council and the requirements of the Companies Act and the JSE Listing
Requirements.
WEBCAST AND INVESTOR PRESENTATION
The results presentation webcast will be broadcast live at 11:00 today via a live video feed at
the following link: https://www.corpcam.com/SPUR20082026
A recording of the webcast will be available shortly afterwards on the company's website:
https://spurcorporation.com/investor-hub/presentations
The results investor presentation slide deck will be available from 11:00 today at the following
link: https://spurcorporation.com/investor-hub/presentations
Directors
Independent non-executive directors
M Bosman (chairman), Dr S Zinn (lead independent), J Boggenpoel, C Fernandez, L
Molebatsi, A Parker
Executive directors
V Nichas (CEO), C Teixeira (CFO), K Robertson (COO), V Henda (CMO)
Company secretary
D Meyer
Registered office:
14 Edison Way, Century Gate Business Park, Century City, 7441
Transfer secretaries
Computershare Investor Services (Pty) Ltd
Rosebank Towers, 15 Biermann Avenue Rosebank, 2196
Sponsor
Questco Corporate Advisory (Pty) Ltd
Date: 20/08/2026 07:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
