Nice set of interims from the Green One, with turnover up +8.6% to R54.3bn, despite “tough trading markets across all business geographies,” according to CEO Graham O’Connor. SPAR Southern Africa contributed growth in wholesale (DC) turnover of +7.7%, with food price inflation rising +1.9%; TOPS came in at +19.3% and Build it at +8.3%. Not so great was interim profit after tax, which declined -2.7% to R1bn. Normalised HEPS, though, was up +7.5% and store numbers went from 2,236 to 2,308 – a pleasing haul. Ireland solid, Switzerland not turning profit yet, so no surprises abroad either. Except, perhaps, this one: the business is in the final stages of talks which would see it buying a controlling stake in Polish deli and supermarket chain Piotr i Pawel group, as part of its European bridgehead. Piotr i Pawel operates 77 delicatessen and supermarket stores, plus a wholesale distribution network in a country rejoicing in good economic growth and record low unemployment. For a more detailed breakdown of the numbers, have a look at our handy one-page summary here.
Comment: An interesting set of results: silver linings amid hard times here at home, a couple of patches of cloud, and some banging news to finish off with. Nice.