Restaurant Brands receives takeover offer

KFC new pymouth drive throughRestaurant Brands New Zealand is in discussions with Finaccess Capital after receiving a proposal for the acquisition of up to 75 per cent of its shares, by way of a partial takeover offer.

While there is no guarantee the takeover will happen, Finacess, a company that focuses on the global consumer retail sector, has offered to pay $9.45 cash per share.

The offer comes after Restaurant Brands posted a 7 per cent increase in group net profit after tax in the first half of FY19 to $20.4 million, up from $19.1 million in the prior corresponding period.

Total brand sales in the half reached $431 million, an 11.6 per cent increase of $44.9 million compared to the first half of FY18.

Across New Zealand, the company’s businesses saw a 2.4 per cent increase in sales to $244.9 million, driven by the continued strong performance of the KFC New Zealand business, which saw a 5.2 per cent increase in sales over the period.

Pizza Hut New Zealand saw a smaller sales increase of 1.7 per cent to $55.8 million, while Starbucks and Carl’s Jr. both saw a fall in sales of 2.8 per cent and 7.1 per cent respectively.

KFC Australia contributed $103.4 million in sales, a 28.8 per cent increase over the previous year, primarily as a result of the acquisition of a further 13 stores and the opening of one new store during the period.

Looking forward, the group expects to deliver between $43-45 million net profit after tax in FY19.

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