Steers owner issues strong update as businesses recover

Shares in Famous Brands rose nearly 10% in morning trade after the owner of Debonairs Pizza, Wimpy and Steers flagged a substantial jump in interim headline earnings with its businesses being boosted by the lifting of Covid-19 restrictions and the return of customers to restaurants.

The strong first-half showing augurs well for the JSE-listed group’s second half, which is traditionally a strong trading period as the SA enters the warmer summer months with busier festive season trading.

By 10:45 Famous Brands' shares were trading at R57.49, some 9.86% higher. However, by 15:00 the shares had given up almost all their gains and was trading at R53.71.