Quick service restaurant (QSR) group, Simbisa Brands Limited’s secondary listing on the London Stock Exchange will be implemented next year, a company official has said. Speaking on the side lines of the group’s second annual general meeting in the capital yesterday, chief executive officer Basil Dionisio said the fast foods group will convene an extra-ordinary general meeting where all the finer details of the listing will be revealed before end of this year.
“The listing will be next year. A circular detailing the listing and the time-lines with a notice of an extraordinary general meeting will be issued by end of 2017,” he said.
In July this year, Simbisa announced its intention for a secondary listing of its ordinary share capital on the London Stock Exchange Alternative Investment Market for its expansion.
Since it was spun off from parent company — Innscor — in November 2015, Simbisa has been on a growth trajectory, adding more counters both in Zimbabwe and across the region where it has a presence.
Meanwhile, Dioniso told shareholders the group registered a double digit growth in its revenue for the first quarter of FY2018 on the back of strong performance by its key markets.
Simbisa’s largest markets are Zimbabwe and Kenya, while it also has presence in Zambia, Ghana, Namibia, Mauritius and the Democratic Republic of Congo.
Regional QSR revenue, which is revenue from Kenya, Zambia, Ghana, Mauritius, Namibia and DRC grew marginally on prior year and in line with management’s expectations.
Commeting further, Dioniso said:
“The group has continued on the excellent momentum generated in FY2017 with trading in the first quarter of FY2018 starting strongly as Simbisa continues to implement a disciplined strategy, focused on cost optimisation, enhanced efficiencies and organic and acquisitive growth opportunities.
“We are also pleased to report that Simbisa’s customer base has increased across all of its markets from the prior year, with the exception of DRC where the current socio-political situation has impacted sales.
“Across the group, the number of customers served in the period increased from prior year,” he said.
Overall, the group’s earnings in the quarter increased ahead of prior year and budget on enhanced operating efficiencies and cost containment measures.
Management remains upbeat of the group’s earnings going forward, building on the growth momentum as well as strong market presence across the region.
“Consolidating on the strong start to FY- 2018, the board expects the group’s second half to continue with this strong momentum and reflect robust growth in profitability versus H1-2017,” said Dionisio.