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FAMOUS BRANDS LIMITED - Trading Statement

Release Date: 13/10/2021 17:10
Code(s): FBR     PDF:  
Wrap Text
Trading Statement

FAMOUS BRANDS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1969/004875/06)
Share code: FBR
ISIN code: ZAE000053328
(“Famous Brands” or “the Group”)

TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 AUGUST 2021

The Board of Directors is satisfied that a reasonable degree of certainty
exists that the Group's financial results for the six months ended 31 August
2021(“review period”) will differ by at least 20% from those reported for
the six months ended 31 August 2020 (“prior comparable period”) and is
therefore in a position to issue this trading statement in terms of Section
3.4(b)(i) of the Listings Requirements of the JSE Limited.

BACKGROUND

   •   Across our trading markets, in South Africa (“SA”), rest of Africa and
       the Middle East and the United Kingdom (“UK”), the negative financial
       impact of the COVID-19 global pandemic (“pandemic”) and resultant
       national lockdowns and trading restrictions as well as the civil unrest
       experienced in SA have materially impacted the Group’s results.
   •   The Group’s performance recovered in varying degrees across our trading
       markets from the pandemic’s worst financial impacts, compared to the
       prior comparable period.
   •   Aligned with our three-year roadmap our focus over the review period
       continues to be reducing costs and preserving cash to facilitate
       balance sheet flexibility. In this regard, it is also pleasing to
       report that we have not utilised any of our contingency banking
       facilities.

The prior comparable period earnings were impacted by an impairment of
R1.3 billion (net of tax), recognised at Group level in relation to the
Group’s investment in the Gourmet Burger Kitchen (GBK), UK. The review period
results have been supported by improved sales.

As a result, the headline earnings per share (HEPS)for the review period
to be reported on is expected to increase between 329 cents and 349 cents
when compared to the prior comparable period and the reported basic
earnings per share (BEPS) for the review period is expected to increase
between 1,621 cents and 1,641 cents when compared to the prior comparable
period.

                              31 August 2020   Expected growth   31   August  2021
                              Prior     year                     Expected earnings
                              comparable          cents
                              earnings                           Cents
                              Cents
Basic   earnings        per       (1,535)      1,621 – 1,641      86 - 106
share
Headline earnings       per       (240)         329 - 349         89 - 109
share



We continue to implement rigorous health and safety protocols across our
operations to play our part in reducing the spread of the virus. These
measures have enabled the business to deliver responsible, safe,
uninterrupted service to our customers and ensure the well-being of our
employees.

The Group's results for the review period will be published on SENS on or
about Wednesday, 27 October 2021.

A live audio webcast of the results will be held at 10H00 (SAST) on 27
October 2021. To pre-register link to: www.corpcam.com/famousbrandsoctober2021.

The financial information on which these announcements are based has not been reviewed or
reported on by the Group’s external auditors.

13 October 2021
Midrand

Sponsor
The Standard Bank of South Africa Limited

Date: 13-10-2021 05:10:00
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