Outgoing Group Chief Executive Kevin Hedderwick says: “The stellar results and accomplishments achieved during the period are irrefutable evidence of how the business continues to flourish, despite the current adverse climate. The commitment required to turn in consecutive sets of record results in challenging conditions is a function of the unwavering culture of competitiveness and desire to win, combined with the relentless energy and audacious ambition of the management team and the people of Famous Brands.”
Group revenue increased by 31% to R4,3 billion (2015: R3,3 billion), attributable to organic and acquisitive growth, including system-wide sales in the franchise brand portfolio and integration of new business in the logistics and manufacturing operations. Operating profit rose 18% to R792 million (2015: R672 million), while the operating margin was 18,4%.
“Management has identified a multitude of initiatives to continue building capability and capacity across the three pillars of its business: Franchising, logistics and manufacturing. In addition to organic growth opportunities, exciting new prospects are presented by the planned opening of 292 franchise restaurants in the year ahead, assimilating the new joint venture brands PAUL, Lupa Osteria, Catch and Salsa Mexican Grill,” says Hedderwick.
Read next: Famous Brands: Kevin Hedderwick