Spar-owner BWG’s interim sales up 8%
The South African parent group told its shareholders it was a “superb performance”
BWG’s retail brands include Mace, XL and Londis, as well as Spar. Photograph: Eric Luke / The Irish Times
Sales at the BWG group, which operates the Spar retail franchise here, rose by 8 per cent in the six months to the end of March.
The company’s financial performance is revealed in the half-year results of The Spar Group Ltd, the stockmarket-listed South African group that is the majority shareholder of BWG. It reports in the South African rand currency.
Its results show that when BWG’s half-year revenues translated from their original euro, they were up 13 per cent to 11.855 billion rand (€744.2 million), as the rand weakened during the six months making BWG’s contribution more lucrative for its owner in local currency.
BWG made a profit before tax which equated to 256.4 million rand when reported in the South African currency, or €16 million, at Wednesday’s exchange rate.
The South African parent group told its shareholders it was a “superb performance” from BWG, which supplies a network of close to 1,400 stores. Its retail brands also include Mace, XL and Londis.
Of BWG’s 8 per cent sales boost, the South African parent attributed about two-thirds to acquisitions and the rest to organic like-for-like growth.
Meanwhile, the South African company’s filings also reveal that BWG paid a consideration of 264.2 million rand (€16.6 million) for the Corrib Food Products business it acquired last autumn. The Galway-based business operates mainly in the frozen poultry sector.
BWG is run by chief executive Leo Crawford who, along with two other senior executives, owns a minority stake in the Irish business.