Latest news with #SouthAfrica-based
Yahoo
06-06-2025
- Business
- Yahoo
SPAR Group sees EPS dip despite steady H1 2025 revenue growth
Multinational South Africa-based retail chain SPAR Group's operational performance during the first half (H1) of fiscal 2025 (FY25) has shown mixed results across different regions, with headline earnings per share (EPS) from continuing operations dipping slightly by 0.4% to 450.1 cents. Revenue from ongoing operations held steady at R66.1bn ($3.72bn), with gross profit climbing to R7.1bn. Operating profit experienced a modest rise of 1.6%, reaching R1.5bn, bolstered by enhanced cost management efforts. The group's earnings before interest, taxation, depreciation and amortisation (EBITDA) also saw an uptick of 1.7%, amounting to R1.7bn. SPAR Group made headway on its strategic objectives amidst a tough market environment, focusing on five critical areas: exiting Poland, restructuring debt within the group, conducting a strategic review of European operations, expanding the implementation of SAP [systems, application and data processing], and targeting an improvement in southern Africa EBIT margin to 3%, alongside achieving a leverage ratio between 1.5 and 2.0 times by fiscal year-end 2026. During the first half of 2025, the group achieved three of these goals: finalising the sale of SPAR Poland in January, completing debt restructuring in March, and announcing plans in May to divest its Swiss operations as well as AWG in the UK after thorough strategic evaluation and consideration of capital allocation priorities and long-term strategic direction. The group is in advanced negotiations with potential buyers for these businesses. SPAR Switzerland and AWG have been classified as discontinued operations, with post-tax losses including impairments amounting to R4.4bn. The board believes that the divestments are consistent with SPAR's strategy to concentrate on strengthening its core businesses in Southern Africa and Ireland. Cash generation from total operations significantly increased 50.1% to R1.9bn. In Southern Africa, the group's wholesale turnover increased 1.7%, with its grocery and liquor segments contributing to this growth. Retail revenue in the region also saw an increase of 1.9%. The SPAR2U app's delivery volumes surged 174%, demonstrating the brand's growing on-demand presence. Build it, the group's building materials retail brand, posted a sales increase of 4.1% with strong like-for-like retail growth. In Ireland, despite a marginal local currency revenue decrease, the gross margin benefited from a favourable product mix. The minimum wage increase, however, led to higher labour costs. No interim dividend has been declared for the period, with future considerations dependent on macroeconomic and operating conditions. Looking forward, SPAR Group is concentrating on margin improvement and operational execution in its core markets. In southern Africa, SPAR aims to enhance retail segments and operational efficiencies, with initiatives such as expanding on-demand services and increasing private label product penetration. In Ireland, SPAR Group subsidiary BWG Group, a food retail and wholesale distribution company, is focusing on growing its convenience retail brands and exploring new opportunities. "SPAR Group sees EPS dip despite steady H1 2025 revenue growth" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
New Indian Express
04-06-2025
- General
- New Indian Express
Errol Musk visits, offers prayers Ayodhya's Ram temple; hails India as 'wonderful place'
LUCKNOW: On the second day of the ongoing consecration ceremony of Lord Ram in his Darbar in Ayodhya, Errol Musk, the South Africa-based businessman and father of billionaire Elon Musk, visited the newly-built Ram temple, taking darshan of Ram Lalla at the Ramjanmabhoomi complex on Wednesday. Musk later visited Hanumangarhi temple to pay obeisance to Lord Hanuman. The Uttar Pradesh government accorded state guest status to the visiting dignitary. Musk, who has been in India since Sunday, June 1, arrived at Maharishi Valmiki International Airport in Ayodhya from Delhi in a private jet. He was accompanied by 16 persons, including his daughter Alexandra Musk and motivational speaker Vivek Bindra. Musk is Global Advisor to Servotech Renewable Power System Ltd, a Haryana-based firm. He was accompanied by Servotech Managing Director Raman Bhatia during his Ayodhya trip. Attired in a kurta-pyjama with a saffron scarf around his neck, Musk drove straight to the Ram temple from the airport. He spent about an hour there, taking darshan and offering puja to Lord Ram. From the Ram temple, he went to Hanumangarhi temple and stayed there for 40 minutes, instead of the 15 minutes planned earlier. A three-layer security arrangement was in place, and the route through which Musk travelled was monitored through drones and CCTV cameras.
Yahoo
03-06-2025
- Business
- Yahoo
Anglo American completes demerger of majority stake in Valterra Platinum
Anglo American has announced the successful completion of the demerger of approximately 51% of its interest in platinum group metals (PGM) business Valterra Platinum and the associated share consolidation. This strategic move follows the approval by shareholders on 30 April 2025, with the demerger taking effect on 31 May and the share consolidation becoming effective on 1 June. Post-demerger, Anglo American will retain approximately 19.9% of Valterra Platinum and intends to hold this shareholding for at least 90 days following the demerger, with responsible management of this position over time to achieve a full separation. Anglo American chief executive Duncan Wanblad said: 'This is an important moment for both Anglo American and Valterra Platinum. For Anglo American, this is a major step in our plan to unlock the inherent value in our portfolio as a whole, with enhanced focus on our world-class positions in copper, premium iron ore and crop nutrients. 'Valterra Platinum has been a major part of the company for many years, but now is the right time for it to optimise its value creation prospects on an independent path – it is an outstanding business and team and I have every confidence that Valterra Platinum will thrive as a leader in the global platinum group metals industry.' Valterra Platinum marked its entry on the Johannesburg Stock Exchange as an independent entity on 28 May, finalising its spin-off from Anglo American. The demerger of the Johannesburg, South Africa-based PGM producer, formerly known as Anglo American Platinum, is in line with Anglo's strategy to focus on the copper and iron ore sectors. Currently, Anglo American is making several major structural changes to rapidly deliver its strategic priorities of growth, operational excellence and portfolio simplification. "Anglo American completes demerger of majority stake in Valterra Platinum" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
03-06-2025
- Business
- Yahoo
Anglo American completes demerger of majority stake in Valterra Platinum
Anglo American has announced the successful completion of the demerger of approximately 51% of its interest in platinum group metals (PGM) business Valterra Platinum and the associated share consolidation. This strategic move follows the approval by shareholders on 30 April 2025, with the demerger taking effect on 31 May and the share consolidation becoming effective on 1 June. Post-demerger, Anglo American will retain approximately 19.9% of Valterra Platinum and intends to hold this shareholding for at least 90 days following the demerger, with responsible management of this position over time to achieve a full separation. Anglo American chief executive Duncan Wanblad said: 'This is an important moment for both Anglo American and Valterra Platinum. For Anglo American, this is a major step in our plan to unlock the inherent value in our portfolio as a whole, with enhanced focus on our world-class positions in copper, premium iron ore and crop nutrients. 'Valterra Platinum has been a major part of the company for many years, but now is the right time for it to optimise its value creation prospects on an independent path – it is an outstanding business and team and I have every confidence that Valterra Platinum will thrive as a leader in the global platinum group metals industry.' Valterra Platinum marked its entry on the Johannesburg Stock Exchange as an independent entity on 28 May, finalising its spin-off from Anglo American. The demerger of the Johannesburg, South Africa-based PGM producer, formerly known as Anglo American Platinum, is in line with Anglo's strategy to focus on the copper and iron ore sectors. Currently, Anglo American is making several major structural changes to rapidly deliver its strategic priorities of growth, operational excellence and portfolio simplification. "Anglo American completes demerger of majority stake in Valterra Platinum" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Rhyl Journal
03-06-2025
- Business
- Rhyl Journal
Alastair Johnston hopes takeover can start to ‘extinguish rot' from Rangers past
Johnston was ousted from his post as chairman when Scottish businessman Whyte bought Rangers from majority shareholder Sir David Murray in May 2011. The club subsequently lurched into administration in February 2012 and then were consigned to liquidation three months later, before Rangers re-emerged in the bottom tier of Scottish football as a new company with Whyte having departed under a cloud. Johnston predicted then that it would take a decade for the Govan club to recalibrate. Although they lifted the Scottish Premiership title in 2021 and enjoyed success in Europe, Celtic still retain a strong grip on Scottish football with 13 title wins in the last 14 years, amongst a plethora of other silverware. However, Rangers fans and Johnston are looking for better times ahead following the confirmation last week that an American consortium, headed by healthcare tycoon Andrew Cavenagh and the 49ers Enterprises, has acquired a 51 per cent controlling stake in the club. Johnston, who returned to the board as a non-executive director in 2017 when South Africa-based Dave King was chairman, is standing down with a new-look board taking shape but the United States-based Glaswegian and lifelong Gers fan is optimistic about developments. The 76-year-old told the PA news agency: 'I was asked to respond to a question at the Rangers AGM last December as to the options available to the club in order for it to return to its glory days. 'My comments were reported at the time as being somewhat bemusing. 'I responded by describing the current circumstances in English football about so many of the leading clubs being taken over by American investors and, in several cases, their approach included an ownership model that involved multiple teams. Rangers Football Club is pleased to announce that a consortium of investors, led by Andrew Cavenagh and 49ers Enterprises, has purchased a majority stake in the club, with approval from the Scottish FA. The consortium will chart a new strategic vision for the club's future… — Rangers Football Club (@RangersFC) May 30, 2025 'I was careful to insinuate that this was a hypothetical possibility. 'In truth, I was already aware of the interest that a group involving the 49ers had shown in Rangers and that we had already engaged in early-stage discussions with its representatives. 'Understandably, the possible investors wanted to maintain the utmost secrecy as to the direction of their mission. 'It took about six months for the Rangers board to reach a mutually acceptable arrangement that would be in the best interests of our club. 'Intense negotiations were conducted covering all facets of such an acquisition, and I am delighted we were able to capitalise on a collaboration that we believe will provide us with a platform to extinguish the rot that had befallen the club for a decade since the Craig Whyte fiasco.'
