Famous Brands' annual earnings fall
Its basic headline earnings per share in the year fell between 16% and 33%.
Famous Brands’ earnings in the year to end-February fell by up to a third as losses widen at its troubled UK burger chain.
The company bought the UK’s Gourmet Burger Kitchen (GBK) chain for £120 million (R2.3bn) in 2016, has already written down the value of that business by more than R1bn.
GBK has been struggling because of lower consumer confidence amid Brexit talks, the rise of online food delivery and intense competition in the premium burger segment.
When including the burger chain’s write-downs announced in 2018, as well as once-off restructuring costs in the UK of R17.2 million and an impairment of an associate company, Famous Brands said it would report a basic loss for the year.
