Africa’s largest branded food services franchisor yesterday blamed the conditions for the 19percent decline in headline earnings per share to 319cents a share from 393c compared to last year.
The group said economic and political uncertainty defined its major markets in the results, both locally and in the UK, as the Brexit process continues to unfold.
Chief executive Darren Hele said the group’s decision to turn around its GBK unit through a company voluntary arrangement (CVA) was, however, beginning to bear fruit.
“The CVA programme and extensive remedial measures undertaken at GBK in the past year gives us confidence that the business is better structured for growth,” Helle said. “We will continue to capitalise on opportunities in the operation and in the market, and we remain hopeful that once progress is made regarding Brexit, consumer sentiment and spending will improve in a more certain environment.”