JOHANNESBURG - Thanks to the lifting of the Covid-19 lockdown restrictions, Famous Brands -- the owner of Steers and Mugg & Bean -- was able to increase its revenue to over R7-billion.
It was also able to increase its dividend by 80 percent.
In its annual results ending in February 2023, Famous Brands says there has been a solid recovery in consumer spending on restaurants, travel and entertainment and more people are spending time at shopping centres where their restaurants are located.
But the company has expressed concerns about the trading conditions.
Higher inflation and persistent load-shedding will impact its business.
This as the restaurant industry is highly exposed to load-shedding which impacts revenue, operating costs and food waste.
The company says it is working on a plan to assist franchisees deal with the power cuts for them to remain operational.