Spur: Shares sizzle on trading update

SPUR Corporation’s share price soared yesterday after the company issued its latest sales update. The share price jumped by 3.2 percent to a record high of R37.01 before closing up 2.79 percent up at R36.85. Spur announced that it had increased total restaurant sales by 14.1 percent to R3.2 billion with sales from existing restaurant up by 9 percent, the food service franchisor said. Its restaurants sales in South Africa grew by 12.6 percent, while sales from international operations rose 25.8 percent. Spur’s chief executive Pierre van Tonder said trading was adversely affected by power cuts in November and December. – Nompumelelo Magwaza