Revenue for Steers and Wimpy owner falls by 48% due to virus, lockdowns - News Summed Up

Revenue for Steers and Wimpy owner falls by 48% due to virus, lockdowns


The financial impact of the coronavirus pandemic and its related lockdowns has been "extremely severe" on the businesses falling under Famous Brands - the JSE-listed owner of Steers, Wimpy, Mythos and House of Coffees. The food services franchisor, in a trading update for the six months ended August 31, said that revenue fell to R2.01 billion from R3.86 billion over the same period last year. The group's operating loss before non-operational items came to R109.8 million, down from a profit of R376.2 million in 2019. Furthermore, a headline loss per share was recorded at 240 cents per share compared to headline earnings per share of 140cps in 2019. The group's portfolio consists of 23 restaurant brands, represented by 2 838 restaurants across South Africa, Africa, the Middle East and the UK.


Source: News 24 October 26, 2020 09:22 UTC



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