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SPAR Group

SPP · A2X Markets · Incorporated in South Africa · Consolidated statements

On this page
Company details
Legal name
The SPAR Group Ltd
Incorporated in
South Africa
Listing
SPP on the A2X Markets, active · ISIN ZAE000058517 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
30 September

Overview

Year ended 26 September 2025 · audited financial statements, signed / final · source

  • Revenue

    ZAR 131 billion

    131,457.7 ZAR millions · p14

    +0.4% vs 2024

  • Operating profit / (loss)

    ZAR 1.98 billion

    1,983.5 ZAR millions · p14

    −25.4% vs 2024

  • Profit / (loss) for the year

    −ZAR 4.83 billion

    (4,828.1) ZAR millions · p14

    Moved from profit to loss (FY to 30 Sep 2024: 351.9 ZAR millions)

  • Total assets

    ZAR 46.2 billion

    46,221.4 ZAR millions · p15

    −21.2% vs 2024

  • Total equity

    ZAR 5.31 billion

    5,312.3 ZAR millions · p15

    −48.8% vs 2024

  • Cash from operations

    ZAR 4.29 billion

    4,285.9 ZAR millions · p18

    +23.6% vs 2024

Large amounts are rounded for reading (ZAR million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in ZAR millions unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY to 26 Sep 2025 — audited financial statements, signed / final; reported for the year · source
  • FY to 30 Sep 2024 — audited financial statements, signed / final; comparative in the FY to 26 Sep 2025 filing · source

Income statement

Income statement, ZAR millions. Columns: FY to 26 Sep 2025 — audited financial statements (signed / final), as reported for the year; FY to 30 Sep 2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY to 26 Sep 2025Audited financial statementsreported for the yearFY to 30 Sep 2024Audited financial statementscomparative in FY to 26 Sep 2025 filing
Revenue – sale of merchandise1 131,457.7 130,986.6
Cost of sales (117,312.9) (117,141.8)
Gross profit 14,144.8 13,844.8
Revenue – other2 1,950.6 1,678.1
Other income 171.8 204.5
Net operating expenses (14,283.7) (13,069.8)
Warehousing and distribution expenses3 (4,939.4) (5,034.2)
Marketing and selling expenses4 (5,174.3) (4,576.1)
Administration and information technology expenses5 (3,464.4) (3,257.1)
Impairment of assets6 (675.6) (69.7)
Net ECL movement on financial assets (30.0) (132.7)
Operating profit/(loss) 1,983.5 2,657.6
Other non-operating items7 (8.9) 1.5
Finance income 613.8 586.5
Finance costs (1,304.8) (1,173.7)
Share of equity-accounted associate profits 4.2 6.3
Profit/(loss) before taxation 1,287.8 2,078.2
Taxation (468.0) (471.5)
Profit/(loss) after taxation from continuing operations8 819.8 1,606.7
Discontinued operations9 (5,647.9) (1,254.8)
(Loss)/profit after taxation for the year (4,828.1) 351.9
Remeasurement of employee benefits10 10.0 (6.8)
Deferred tax relating to remeasurement of employee benefits11 (2.7) 1.8
Remeasurement of retirement funds12 33.6 81.9
Deferred tax relating to remeasurement of retirement funds13 (4.0) (9.9)
Loss on cash flow hedge14 (10.7) –15
Reclassification of FCTR to profit or loss16 (591.6) –15
Exchange rate differences from translation of foreign operations17 314.2 (260.9)
Other comprehensive loss (251.2) (193.9)
Total comprehensive (loss)/income (5,079.3) 158.0
  1. Printed “–”, read as nil: subtotal_arithmetic: is.other_comprehensive_income.
Notes and alternative reported figures (16)
  1. “Revenue – sale of merchandise”: mapping to a shared definition is uncertain. Printed 'Revenue – sale of merchandise', the first line of the gross profit calculation; 'Revenue – other' is printed below gross profit (native).
  2. “Revenue – other” is an issuer-specific line, not mapped to a shared definition: Note 2: revenue other than the sale of merchandise, printed below gross profit.
  3. “Warehousing and distribution expenses” is an issuer-specific line, not mapped to a shared definition: Component of net operating expenses.
  4. “Marketing and selling expenses” is an issuer-specific line, not mapped to a shared definition: Component of net operating expenses.
  5. “Administration and information technology expenses” is an issuer-specific line, not mapped to a shared definition: Component of net operating expenses.
  6. “Impairment of assets” is an issuer-specific line, not mapped to a shared definition: Note 3: component of net operating expenses.
  7. “Other non-operating items” is an issuer-specific line, not mapped to a shared definition: Note 5: below operating profit.
  8. “Profit/(loss) after taxation from continuing operations” is an issuer-specific line, not mapped to a shared definition: Subtotal after taxation.
  9. “Discontinued operations” is an issuer-specific line, not mapped to a shared definition: Note 42: UK and Switzerland operations.
  10. “Remeasurement of employee benefits” is an issuer-specific line, not mapped to a shared definition: OCI, not reclassified.
  11. “Deferred tax relating to remeasurement of employee benefits” is an issuer-specific line, not mapped to a shared definition: OCI, not reclassified.
  12. “Remeasurement of retirement funds” is an issuer-specific line, not mapped to a shared definition: OCI, not reclassified (note 27.1).
  13. “Deferred tax relating to remeasurement of retirement funds” is an issuer-specific line, not mapped to a shared definition: OCI, not reclassified.
  14. “Loss on cash flow hedge” is an issuer-specific line, not mapped to a shared definition: OCI, may be reclassified; 2024 printed '–'.
  15. “Reclassification of FCTR to profit or loss” is an issuer-specific line, not mapped to a shared definition: OCI, may be reclassified; 2024 printed '–'.
  16. “Exchange rate differences from translation of foreign operations” is an issuer-specific line, not mapped to a shared definition: OCI, may be reclassified.

Balance sheet

Balance sheet, ZAR millions. Columns: FY to 26 Sep 2025 — audited financial statements (signed / final), as reported for the year; FY to 30 Sep 2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY to 26 Sep 2025Audited financial statementsreported for the yearFY to 30 Sep 2024Audited financial statementscomparative in FY to 26 Sep 2025 filing
Non-current assets 19,763.6 31,416.6
Property, plant and equipment 5,071.7 9,602.8
Right-of-use assets 2,644.9 8,004.4
Lease receivable1 4,194.7 4,215.1
Goodwill and intangible assets2 6,424.1 8,165.0
Investment in associates and joint ventures 149.9 159.2
Other investments3 19.8 19.1
Operating lease receivable4 –5 0.1
Loans and other receivables6 406.3 771.4
Block discounting loan receivable7 –5 1.4
Prepayments8 494.0 235.9
Deferred taxation asset 177.8 132.8
Employee benefit asset9 180.4 109.4
Current assets 24,985.6 25,968.3
Inventories 4,653.1 6,364.3
Trade and other receivables* 16,107.3 16,619.5
Prepayments10 445.7 340.8
Loans and other receivables6 63.2 118.7
Current portion of block discounting loan receivable11 1.8 2.3
Income tax receivable 1.6 11.6
Current portion of lease receivable12 960.3 888.9
Cash and cash equivalents – SPAR*13 2,327.3 1,276.2
Cash and cash equivalents – Guilds and trusts14 425.3 346.0
Assets held for sale15 1,472.2 1,257.1
Total assets 46,221.4 58,642.0
Capital and reserves16 5,312.3 10,373.7
Stated capital 2,231.5 2,231.5
Treasury shares17 (1.5) (1.5)
Reserves 742.7 1,014.4
Non-controlling interests –18 –18
Retained earnings/(accumulated loss) 2,339.6 7,129.3
Non-current liabilities 14,111.9 17,835.8
Deferred taxation liability 235.1 533.5
Employment benefit obligations19 277.4 297.9
Financial liabilities20 9.3 –21
Long-term borrowings 6,514.5 5,071.3
Block discounting loan payable22 –21 1.5
Lease liability 7,075.6 11,931.6
Current liabilities 25,259.2 29,069.8
Trade and other payables* 22,336.8 21,660.9
Current portion of financial liabilities23 34.0 21.9
Current portion of long-term borrowings 532.8 1,623.3
Current portion of block discounting loan payable24 1.8 2.3
Provisions 59.9 50.4
Current portion of lease liability 1,462.0 1,972.8
Income tax payable 151.7 41.3
Bank overdrafts* 680.2 3,696.9
Liabilities associated with assets held for sale25 1,538.0 1,362.7
Total equity and liabilities 46,221.4 58,642.0
Bank overdrafts – SPAR other*26 (10.2) (1,003.9)
  1. Printed “–”, read as nil: subtotal_arithmetic: bs.non_current_assets.
  2. Printed “–”, read as nil: subtotal_arithmetic: bs.total_equity.
  3. Printed “–”, read as nil: subtotal_arithmetic: bs.non_current_liabilities.
Notes and alternative reported figures (23)
  1. “Lease receivable” is an issuer-specific line, not mapped to a shared definition: Note 24.
  2. “Goodwill and intangible assets”: mapping to a shared definition is uncertain. Printed as one line covering goodwill and intangible assets.
  3. “Other investments” is an issuer-specific line, not mapped to a shared definition: Note 16.
  4. “Operating lease receivable” is an issuer-specific line, not mapped to a shared definition: Non-current; 2025 printed '–'.
  5. “Loans and other receivables” is an issuer-specific line, not mapped to a shared definition: Note 18.
  6. “Block discounting loan receivable” is an issuer-specific line, not mapped to a shared definition: Note 17; 2025 printed '–'.
  7. “Prepayments” is an issuer-specific line, not mapped to a shared definition: Non-current assets.
  8. “Employee benefit asset” is an issuer-specific line, not mapped to a shared definition: Note 27.1.
  9. “Prepayments” is an issuer-specific line, not mapped to a shared definition: Current assets.
  10. “Current portion of block discounting loan receivable” is an issuer-specific line, not mapped to a shared definition: Note 17.
  11. “Current portion of lease receivable” is an issuer-specific line, not mapped to a shared definition: Note 24.
  12. “Cash and cash equivalents – SPAR*”: mapping to a shared definition is uncertain. Printed 'Cash and cash equivalents – SPAR' (bank balances of SPAR, note 23); the Guilds and trusts balances are printed on a separate line (native).
  13. “Cash and cash equivalents – Guilds and trusts” is an issuer-specific line, not mapped to a shared definition: Note 23: bank balances of the Guilds, share trusts and BBBEE trusts; part of cash in the cash flow statement.
  14. “Assets held for sale” is an issuer-specific line, not mapped to a shared definition: Note 42: printed below the current-assets total.
  15. “Capital and reserves”: mapping to a shared definition is uncertain. Printed 'Capital and reserves' as the equity total, including the non-controlling interests line (printed '–' in both years).
  16. “Treasury shares” is an issuer-specific line, not mapped to a shared definition: Note 26.
  17. “Employment benefit obligations” is an issuer-specific line, not mapped to a shared definition: Note 27: non-current.
  18. “Financial liabilities” is an issuer-specific line, not mapped to a shared definition: Note 28; 2024 printed '–'.
  19. “Block discounting loan payable” is an issuer-specific line, not mapped to a shared definition: Note 17; 2025 printed '–'.
  20. “Current portion of financial liabilities” is an issuer-specific line, not mapped to a shared definition: Note 28.
  21. “Current portion of block discounting loan payable” is an issuer-specific line, not mapped to a shared definition: Note 17.
  22. “Liabilities associated with assets held for sale” is an issuer-specific line, not mapped to a shared definition: Note 42: printed below the current-liabilities total.
  23. “Bank overdrafts – SPAR other*” is an issuer-specific line, not mapped to a shared definition: Note 23: the part of bank overdrafts (printed negative) included in net cash and cash equivalents (the general banking facilities overdraft is not).

Cash flow

Cash flow, ZAR millions. Columns: FY to 26 Sep 2025 — audited financial statements (signed / final), as reported for the year; FY to 30 Sep 2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY to 26 Sep 2025Audited financial statementsreported for the yearFY to 30 Sep 2024Audited financial statementscomparative in FY to 26 Sep 2025 filing
CASHFLOWS FROM OPERATING ACTIVITIES 4,285.9 3,467.5
Cash generated from operations 5,445.9 4,805.6
Finance income received 636.9 614.9
Finance costs paid1 (1,392.7) (1,595.0)
Taxation paid (404.2) (358.0)
Dividend income2 –3 –3
CASHFLOWS USED IN INVESTING ACTIVITIES (901.5) (334.1)
Acquisition of businesses/subsidiaries4 (494.2) (192.3)
Proceeds from disposal of businesses5 31.6 1.5
Proceeds on disposal of assets held for sale6 225.0 –7
Cash outflow from disposal of businesses8 (966.4) –7
Investment to expand PPE and intangible assets9 (515.6) (659.1)
Investment to maintain operations10 (340.2) (473.6)
Replacement of PPE and intangible assets11 (392.8) (599.3)
Proceeds on disposal of PPE and intangible assets12 52.6 125.7
Principal element of lease receipts13 952.5 994.8
Cash inflows on loans and investments14 305.4 319.6
Cash outflows on loans and investments15 (99.6) (325.0)
CASHFLOWS (USED IN)/FROM FINANCING ACTIVITIES* (1,285.4) (3,622.9)
Principal element of lease payments (2,147.6) (2,248.7)
Proceeds from borrowings 5,670.1 1,187.7
Principal element of repayments of borrowings (2,776.5) (2,632.7)
Non-controlling interest share repurchases16 –17 (14.3)
Movement on banking facilities*(1)18 (2,023.0) 102.0
Treasury shares acquired19 (8.4) (16.9)
Net increase/(decrease) during the year* 2,099.0 (489.5)
Cash and cash equivalents at the beginning of the year* 618.3 1,141.1
Exchange rate translation 25.1 (33.3)
Cash and cash equivalents at the end of the year* 2,742.4 618.3
  1. Printed “–”, read as nil: subtotal_arithmetic: cf.cash_from_operations.
  2. Printed “–”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  3. Printed “–”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (16)
  1. “Finance costs paid”: mapping to a shared definition is uncertain. Printed 'Finance costs paid' as one operating line; not split between borrowings and lease liabilities.
  2. “Dividend income” is an issuer-specific line, not mapped to a shared definition: Operating (note 4); Group printed '–' in both years.
  3. “Acquisition of businesses/subsidiaries” is an issuer-specific line, not mapped to a shared definition: Investing (note 33.4).
  4. “Proceeds from disposal of businesses” is an issuer-specific line, not mapped to a shared definition: Investing (note 33.2).
  5. “Proceeds on disposal of assets held for sale” is an issuer-specific line, not mapped to a shared definition: Investing; 2024 printed '–'.
  6. “Cash outflow from disposal of businesses” is an issuer-specific line, not mapped to a shared definition: Investing (note 33.2); 2024 printed '–'.
  7. “Investment to expand PPE and intangible assets” is an issuer-specific line, not mapped to a shared definition: Investing.
  8. “Investment to maintain operations” is an issuer-specific line, not mapped to a shared definition: Investing: replacement of PPE and intangible assets less disposal proceeds.
  9. “Replacement of PPE and intangible assets” is an issuer-specific line, not mapped to a shared definition: Component of investment to maintain operations.
  10. “Proceeds on disposal of PPE and intangible assets”: mapping to a shared definition is uncertain. Printed as one line covering PPE and intangible assets, as a component of investment to maintain operations.
  11. “Principal element of lease receipts” is an issuer-specific line, not mapped to a shared definition: Investing.
  12. “Cash inflows on loans and investments” is an issuer-specific line, not mapped to a shared definition: Investing (note 32.2).
  13. “Cash outflows on loans and investments” is an issuer-specific line, not mapped to a shared definition: Investing (note 32.2).
  14. “Non-controlling interest share repurchases” is an issuer-specific line, not mapped to a shared definition: Financing; 2025 printed '–'.
  15. “Movement on banking facilities*(1)” is an issuer-specific line, not mapped to a shared definition: Financing: movement in general banking facilities (restated classification, note 23).
  16. “Treasury shares acquired” is an issuer-specific line, not mapped to a shared definition: Financing (note 26).

Per share and shares

Per share and shares. Columns: FY to 26 Sep 2025 — audited financial statements (signed / final), as reported for the year; FY to 30 Sep 2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY to 26 Sep 2025Audited financial statementsreported for the yearFY to 30 Sep 2024Audited financial statementscomparative in FY to 26 Sep 2025 filing
Earnings / (loss) per share (per share)41 (25.070)2 1.8273
Profit / (loss) attributable to shareholders (ZAR millions)5 (4,828.1) 351.9
  1. Printed as (2 507.0) cents; value converted to ZAR at 100 cents = 1 ZAR.
  2. Printed as 182.7 cents; value converted to ZAR at 100 cents = 1 ZAR.
Notes and alternative reported figures (3)
  1. “Basic”: mapping to a shared definition is uncertain. Total basic earnings per share (cents), continuing and discontinued; diluted is printed separately and differs (native eps_diluted).
  2. Earnings / (loss) per share: printed as “Basic”.
  3. Profit / (loss) attributable to shareholders: printed as “Equity holders of the Company”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

No dividend statement or amount collected.

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • The SPAR Group Ltd Annual Financial Statements 2025

    Year ended 26 September 2025 · Audited financial statements · signed / final

    Audit: PricewaterhouseCoopers Inc., unmodified opinion · signed

    Auditor's sign-off: PricewaterhouseCoopers Inc. (firm signature in script); Director: DH Höll, Registered Auditor

    Final status: The independent auditor's report of PricewaterhouseCoopers Inc. to the shareholders of The SPAR Group Limited (unmodified opinion on the consolidated and separate financial statements, PDF p6) closes on PDF p9 with the firm signature 'PricewaterhouseCoopers Inc.' in script above the typeset 'PricewaterhouseCoopers Inc., Director: DH Höll, Registered Auditor, Waterfall City, South Africa, 7 December 2025' (page image); no separate personal signature of the director is shown. The directors' approval (PDF p3) states approval by the board on 5 December 2025 and carries handwritten signatures above MJ Bosman (Chairman) and AP Swartz (Group Chief Executive Officer) (page image).

    Document date
    7 Dec 2025
    Auditor's report
    7 Dec 2025
    Board approval
    5 Dec 2025
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY to 26 Sep 2025, FY to 30 Sep 2024
    Basis
    consolidated statements · ZAR millions (printed “Rmillion”)
    • Key audit matter: key judgements and estimates relating to impairment of South African corporate owned retail store cash generating units (PDF pp7-8). No emphasis of matter, other matter or material uncertainty related to going concern paragraph is printed.
    • Cash flow statement (p18): section totals are printed on the capitalised heading rows; finance income received and finance costs paid are within operating activities; 'Investment to maintain operations' is printed above its two components; the cash flows include discontinued operations. Net cash and cash equivalents (2 742.4; 2024: 618.3) = Cash and cash equivalents – SPAR plus Guilds and trusts less 'Bank overdrafts – SPAR other' (note 23, p48); the general banking facilities overdraft (670.0; 2024: 2 693.0) is excluded.
    • Income statement (p14): 'Revenue – other' (1 950.6; 2024: 1 678.1) is printed below gross profit; net operating expenses (14 283.7) are printed above their five components. Profit for the year is a loss of (4 828.1) after discontinued operations of (5 647.9), all attributable to equity holders of the Company. Balance sheet (p15): non-current assets, current assets, capital and reserves, non-current liabilities and current liabilities totals are printed on their heading rows; assets held for sale and liabilities associated with them are printed below the current totals; no total liabilities line is printed.
    • All comparatives are headed 'Restated'. Income statement (p14): the UK and Switzerland operations are classified as discontinued and comparatives re-presented (note 42); credits to retailers wrongly in cost of sales reduce 2024 revenue by R27 million (previously R131 013.6 million) and cost of sales by the same amount (previously R117 168.8 million), with no effect on gross or operating profit. Balance sheet (p15): an inter-company receivable and payable of R614.7 million not eliminated in 2024 (note 21) and a 2023 cash/overdraft reclassification of R152.3 million (note 23). Cash flow (p18): the movement in general banking facilities (R2.7 billion in 2024) is reclassified from cash and cash equivalents to financing activities (note 23).
    • Earnings per share is printed in cents (basic (2 507.0); 2024: 182.7; diluted (2 505.5); 2024: 182.7; note 8, p14); stored in rand with the printed figure and unit kept. The fiscal year ends on the last Friday of September (26 September 2025; comparative 30 September 2024).
    Technical details
    File
    80 pages, with a text layer
    SHA-256
    d8af287ad16a9d93f98afabbdf38670d01f657d3bf40124562ff54d86e512e32
    Entity as printed
    The SPAR Group Ltd (SPAR or the Group), Registration number: 1967/001572/06, ISIN: ZAE000058517, JSE share code: SPP (PDF p77); The SPAR Group Limited (auditor's report, PDF p6)
    Issuer copy
    retrieved 2026-10-08T18:48:58Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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