Flash Briefing: WBHO turns a profit; Spur struggles; Hersov buys airport

  • Spur says total franchised restaurant sales across its local and international operations decreased by a third to just under R3 billion. The group has been heavily impacted by lockdown restrictions, globally.  Profit before tax fell sharply and no dividend was declared.
  • Construction Company Wilson Bayly Holmes-Ovcon has returned to profitability, despite Australian operations weighing on performance. The group says operations in Africa and the UK produced solid results over the first half of the financial year in a challenging environment. Revenue for the year decreased to R20bn and no interim dividend has been declared.
  • Steinhoff International is in talks with the providers of its director liability insurance about legal claims resulting from a 2017 accounting crisis that took the retailer to the brink of collapse. The company is working to reach a deal with claimants such as former Chairman Christo Wiese and settle various class-action lawsuits brought by investors after the stock plunged. Steinhoff is using shares in its biggest asset, Pepkor, to help pay for the proposed global settlement, which would reduce its stake to just over 50%.
  • Rob Hersov told BizNews Power Hour that he and Nick Ferguson have bought Fissantekraal airport and plan to build the Lanseria of the Cape.

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