Famous Brands profits soar amid M&A spree

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Famous Brands CEO Darren Hele.
Famous Brands CEO Darren Hele.

Cape Town – Famous Brands reported a 71% increase in headline earnings per share on Monday, as the company continued to build capability and capacity amid its merger and acquisition spree.

However, the company said it would withhold paying dividends until 2018, due to a higher gearing that resulted from its acquisitions.

The owner of Steers and Wimpy saw revenue increase by 23% to R2.451bn and operating profit by 17% for the six months ended 31 August, it said in a statement on Monday.

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