Spur hikes dividend payout by more than two-thirds after boost from tourism recovery | Business

Spur has hiked its interim dividend just over two-thirds after its profits and revenues soared in its half-year to end-December, with the restaurant group's namesake steakhouse brand leading the growth charge.

The group had previously flagged the outperformance in an update earlier this month, which analysts said indicated Spur was gaining market share. Its shares reacted strongly, soaring almost 4% on the day. The increase in power outages and scheduled load shedding, about 208 days in 2022, placed pressure on franchisee operating costs with higher diesel and generator maintenance costs. But, at the end of December, 90% of restaurants had generators or were linked to shopping mall central generators, and this has since increased to 95%.

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