South African supermarket group Pick ‘n Pay posted an 11.1% rise in first-half headline earnings per share today (21 October) as pre-tax profits leapt by almost 36%.
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Headline EPS went up to 100.3 cents for the six months to the end of August, while profit before tax reached ZAR927.8m (US$125.5m), a 35.9% increase on last year.
Group turnover increased 12.3% on the previous year to reach ZAR26.6bn, with growth of 15.3% from Pick ‘n Pay and Boxer. Sales at Franklins, however, fell 8.3%, due to the strengthening of the Rand.
Pick ‘n Pay said its interim dividend per share for Pick ‘n Pay Stores and Pick ‘n Pay Holdings grew by 11.2% to 39.75 cents and 10.6% to 19.31 cents, respectively.
The company also announced that its chairman Raymond Ackerman will retire in March 2010 after a 43-year career with Pick ‘n Pay.
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By GlobalDataHe will stay on as an advisor to the company performing an ambassadorial role and will continue to be based at the company’s head office in Cape Town.
The position of chairman has been changed to a non-executive one in line with corporate governance recommendations, the company said.
Gareth Ackerman will be appointed as non-executive chairman.
