Innscor earnings up

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Zimbabwean fast food and retail group Innscor Africa reported a 65% rise in full-year earnings on Thursday, driven by volume growth as the country’s economic recovery continues to spur demand.

Innscor’s basic earnings per share rose to 4,82 cents in the year to June 2011, compared with 2,92 cents last year, financial statements released by the group showed.

The group’s revenues were $516 million, up 28% on the previous year’s figure, while after-tax profit was $33 million, up from $22 million in 2010.

Innscor said it spent $43 million in the last financial year to expand production and would continue rolling out more regional fast food outlets, mainly in Kenya.