Latest news with #AWG
The Citizen
5 days ago
- Business
- The Citizen
Spar bleeds billions: can the retailer be saved?
Spar said the value of its struggling Swiss and English assets had fallen by R4.2 billion. One of South Africa's biggest grocery retailers, Spar, has been navigating a challenging economic climate for some time. It began with closing stores because consumers were not buying enough food. But now the retailer is taking bigger steps, as it offloads its Spar Switzerland and Appleby Westward Group (AWG) business. 'Shareholders are advised that, following this strategic review, the group is exploring divestment options for Spar Switzerland and AWG,' said the retailer in its SENS announcement on Thursday. That was the beginning of outlining the pain the retailer experienced during the 26 weeks ended 28 March 2025. The retailer stated that the value of its struggling Swiss and English assets had decreased by R4.2 billion. ALSO READ: Is Spar in trouble? Retailer closes stores as sales decrease Tough times for Spar The retailer has warned shareholders that headline earnings per share could decline by 24% and 34%. The warning is released ahead of the publishing of financial results on 4 June 2025. According to the Johannesburg Stock Exchange (JSE) listings requirements, companies are required to publish a trading statement as soon as they are satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported on will differ by at least 20% from the financial results for the previous corresponding period. Spar said it is in talks with a UK-based business that is well-positioned to develop and grow AWG in South West England. In Switzerland, it has been in talks with parties with extensive business interests in the region and experience in European food retailing and distribution. Spar Swiss and AWG 'Total impairments of approximately R4.2 billion were recognised, including R3 billion in Switzerland and R1.2 billion in AWG. The impairments take into account the fair value of the disposal groups less costs to sell,' said the retailer. Delivering further financial losses, Spar said that the divestment of its Polish business resulted in a loss on disposal of R531 million during the interim period. 'This loss has been recognised in relation to the sale of the Polish operation and takes into account the satisfaction of certain suspensive conditions that were pending at the reporting date but have since been fulfilled, enabling completion of the disposal. 'The fulfilment of these conditions resulted in the final adjustments to the disposal proceeds and associated costs, and there have been no further cash outflows since the disposal became wholly unconditional and was implemented on 31 January 2025.' ALSO READ: Spar Group agrees to end long-term exclusive leases in malls South Africa performance The Sens announcement further details that in southern Africa, the groceries and liquor segment is expected to deliver modest top-line growth on a comparable basis, while operating profit is expected to maintain solid momentum. 'The KwaZulu-Natal distribution centre continued its positive trajectory, reflecting improved profitability. This performance, together with continued focus on cost discipline, translated into modest operating margin expansion on a comparable basis.' Spar said that Ireland delivered a resilient performance in a challenging trading environment, supported by improved gross profit and operating margins in local currency terms, as well as reduced interest expenses driven by lower gearing. 'These gains were partially offset by adverse foreign currency translation effects on consolidation.' Strengthening the balance sheet Spar said it had made substantial progress in strengthening the balance sheet, with the successful refinancing of its South African and Swiss facilities, improving liquidity and reducing funding costs. 'The group anticipates that the successful completion of the aforementioned divestments will materially deleverage and strengthen the balance sheet further.' NOW READ: Here's how much the CEOs of SA's largest retailers are paid
IOL News
5 days ago
- Business
- IOL News
Spar Group explores sale of Spar Switzerland and Appleby Westward Group
The entrance to a Spar grocery shop. The group has predicted flat to slightly lower earnings growth of its continuing operations for the 26 weeks to March 28, 2025 Image: Africa News Agency (ANA) The Spar Group said Thursday it is exploring the sale of Spar Switzerland and Appleby Westward Group (AWG), the regional distribution business in the southwest of England. The group announced in a trading statement for the 26 weeks ended March 28, 2025, in which flat to lower interim earnings growth was forecasted, that the decision to divest from the businesses had followed a strategic review of its European operations. Consequently, Spar Switzerland and AWG would be classified as discontinued operations in the financial statements. Regarding AWG, Spar's board said they were in talks with a UK-based business regarding AWG, which was well positioned to develop and grow AWG in South West England. In Switzerland, "established parties with business interests in the region and experience in European food retail and distribution," were being engaged with, the board said. 'The group approach has been to engage parties whose interests align with the growth ambitions of the local management teams and retailer partners, and will ensure continuity for employees, suppliers and customers,' Spar's directors said. Interim diluted headline earnings per share (Heps) for Spar Southern Africa and Spar Ireland, excluding the results of Spar Switzerland and AWG, were expected to decline between 0% and 10%, to between 409.4 cents to 454.9 cents, compared with 454.9 cents previously. Diluted Heps for group total operations were expected to decline by between 34% to 24%, to between 275.9 cents to 317.8 cents a share. The board said the Southern Africa groceries and liquor segment delivered modest top-line growth, while operating profit maintained solid momentum. The KwaZulu-Natal distribution centre continued a positive trajectory, with improved profitability. This, with a focus on cost discipline, translated into modest operating margin expansion on a comparable basis. Ireland delivered a resilient performance in a tough trading environment, supported by improved gross profit and operating margins in local currency terms, as well as reduced interest expenses driven by lower gearing. These were partially offset by adverse foreign currency translation effects. Total impairments of about R4.2 billion were recognised, including R3bn in Switzerland and R1.2bn in AWG. The impairments take into account the fair value of the disposal groups, less costs to sell.
TTG
6 days ago
- Business
- TTG
Attraction World names new chief with Nicholls and Mahoney set to depart
The shake-up at the top sees the former chief financial officer take on the top job after joining AWG only last year. AWG's chief commercial officer Justin Mahoney has also departed. Dipak Jogia, chair of AWG and managing partner at investors Highmore Group, said: 'Joe has made a transformative impact on the business with his disciplined approach and his ability to execute on strategic initiatives. We have been incredibly impressed with his strong leadership skills, and confident in his ability to guide the company through its next phase of growth.' Hyland added: 'I'm honoured to lead Attraction World Group at such an exciting time. Our team is passionate about connecting people to unforgettable experiences, and we're committed to delivering even greater value to our partners and customers around the world.' Nicholls left after nearly six years with the business along with Mahoney. AWG said Hyland and Isabel Beckermann, chief operating officer, would 'lead AWG into its next phase of growth'. Nicholls did not detail his plans, but in a statement said: 'For now, I'm taking some time to welcome our new baby and focus on my growing family before diving into the next challenge.' Mahoney also did not disclose his reasons for leaving but added: 'I'm excited to explore new opportunities where I can continue to drive commercial growth, innovation and transformation.'
TTG
6 days ago
- Business
- TTG
Attraction World names new chief as Nicholls and Mahoney depart
The shake-up at the top sees the former chief financial officer take on the top job after joining AWG only last year. AWG's chief commercial officer Justin Mahoney has also departed. Dipak Jogia, chair of AWG and managing partner at investors Highmore Group, said: 'Joe has made a transformative impact on the business with his disciplined approach and his ability to execute on strategic initiatives. We have been incredibly impressed with his strong leadership skills, and confident in his ability to guide the company through its next phase of growth.' Hyland added: 'I'm honoured to lead Attraction World Group at such an exciting time. Our team is passionate about connecting people to unforgettable experiences, and we're committed to delivering even greater value to our partners and customers around the world.' Nicholls left after nearly six years with the business along with Mahoney. AWG said Hyland and Isabel Beckermann, chief operating officer, would 'lead AWG into its next phase of growth'. Nicholls did not detail his plans, but in a statement said: 'For now, I'm taking some time to welcome our new baby and focus on my growing family before diving into the next challenge.' Mahoney also did not disclose his reasons for leaving but added: 'I'm excited to explore new opportunities where I can continue to drive commercial growth, innovation and transformation.' Nicholls led AWG through the pandemic. 'The last six years have been both a personal and professional test, but my values have kept me focused and I leave proud of the business and the people who continue to shape it," he added. "The experiences industry is, for the first time, becoming a central part of the customer journey and it's an incredibly exciting time. I'm confident the cornerstones are now in place for AWG to continue evolving and scaling globally.' Mahoney is credited with widening AWG's distribution partnerships. 'It's been a fantastic journey, and I'm proud of the impact we've made, from redefining our product offering to strengthening key partner relationships," he said. "AWG is positioned for long-term success, and I'm grateful to have contributed to that momentum.'
CBC
14-05-2025
- Sport
- CBC
Gold ulu heads to Hockey Hall of Fame to mark Nunavut's historic Arctic Winter Games win
Social Sharing It was an offer so special, David Clark thought at first it must be fake. But the offer was real, and now Clark's gold ulu from the 2023 Arctic Winter Games (AWG) is going to be displayed at the Hockey Hall of Fame in Toronto. Clark was the coach of Nunavut's U18 male hockey team when the team defeated Alaska at the 2023 games in Alberta to bring home the gold. It was the territory's first gold in hockey at the AWGs. "I couldn't be more proud," Clark said about his gold ulu going on display. "You know, like, I'm just a kid from Nunavut and I never thought I would go to the Hockey Hall of Fame for anything. "Getting my gold medal at the Hockey Hall of Fame and having those boys be part of it just means the world to me. I'm getting emotional just talking about it." The hall of fame's interest began with a recent visit from a group of young hockey players. Lee Barter is a youth hockey coach in the Greater Toronto Area (GTA). He's helped to facilitate a youth hockey exchange where teams from southern Ontario visited Rankin Inlet, Nunavut, and Rankin players visited the GTA. While the Nunavut players were in Ontario, they visited the Hockey Hall of Fame archives. Barter said the museum had set aside special Nunavut items like Jordin Tootoo's jersey. Tootoo is a Rankin-born former NHLer and was the first Inuk to make the major league. Barter said his team told archives staff that several of the players on prior exchanges had been part of the gold-winning AWG team, and the hall of fame was interested in acquiring a jersey or gold ulu to pay tribute to the win. "When they realized that there was a historic moment that had happened that they could commemorate, they were happy to reach out and we were excited to help make the connection," Barter said. Having had many of the players on that winning team participate in the exchange, Barter said it's been special to follow those players' progress as young athletes and see the AWG win. "We were very proud of them from here in Toronto, so we're obviously excited to see that they'll be celebrated at the hall of fame," he said. For Clark, the recognition shows the value of working hard and dreaming big. "I knew when we were going there, I said, 'we have the team.' We got the team and I believed when we left that, hey, we're going to win."
