Bidvest upbeat on FY prospects for foodservice operations
JSE-listed Bidvest is expecting good results from its foodservice business for the financial year to June 30.
In a management update on Thursday, the company said trading remained positive and activity levels across all markets were buoyant and that its foodservice operations had achieved a pleasing performance against a backdrop of zero food inflation, in relatively negative circumstances globally.
South Africa continued to produce good results in spite of the tough operating conditions, while expansion into Africa was being pursued through new agency relationships or business expansion.
The Middle East produced good results in spite of the geopolitical challenges in the region.
The foodservice businesses in the UK continued to grow relatively well in both foodservice and fresh offerings.
Some uncertainty existed around the proposed British exit from the European Union, which was dampening consumer confidence; however, operations remained agile and opportunistic enough to adapt to the changing conditions.
Western European growth remained sluggish; however, Eastern Europe was experiencing stronger growth.
Bidvest reported that China presented a huge growth opportunity with a growing middle-class population and increased demand for Western styled food products.
Organic expansion over the past eight years of operating in China had seen expansion into 12 cities – creating a geographic reach and operational platform that boded well for future growth.
Bidvest was also seeing expansion opportunities in other Asian countries and would use its Singaporean foodservice operations as a base for expanding into countries such as Malaysia and Vietnam.
Bidvest’s Australia and New Zealand businesses continued to produce solid results.
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