JSE-listed Bidcorp expects its rebranding as Bidfood to be completed by June.
“We have seen positive momentum achieved in the six months ended December 31, 2016; however, currency volatility continues to impact Bidcorp’s rand results, with the rand having appreciated against both the euro and sterling,” Bidcorp executive Bernard Berson said during a Market Day teleconference presentation broadcast from London, this week.
Bidcorp is active in 31 countries, over five continents.
The company invested R496-million in the six months ended December 31, 2016 on bolt-on acquisitions.
“During the third quarter of last year, [we] acquired 100% of a meat distributor in our Fresh UK division and 100% of a distributer in Cairns, Australia. Both acquisitions totalled R134-million.”
He further noted that South Africa had produced excellent results, contrary to the generally tough operating conditions, low gross domestic product growth and negative political sentiment.
He pointed out that innovation, new contract gains and energised teams have all contributed to the improved results.
Berson added that 50% of Bidcorp’s bakery business in South Africa was sold to Puratos in April.
“Our focus on Africa is now being driven from within each business segment.”