Durban – The Bidvest Group said on Friday that is had seen a recovery in trading performance in the four months to the end of October, with revenue and trading profit broadly unchanged compared to the same period last year.
This comes after the services, trading and distribution company reported a 19.9% decline in profits for the year to end June, hurt by a Covid-19 outbreak resulting in R1.6 billion cost to its operation during the year.
The company said that since the start of the financial year the monthly operational performance of the group had improved sequentially due to market share gains in several businesses, the PHS Group acquisition, exposure to certain growth segments and exceptional cost discipline.
“Revenue and trading profit delivered in the first four months of financial year 2021 was broadly unchanged relative to the same period last year.
“This, despite negative economic growth, low business and consumer confidence in all operating territories and travel and tourism-related industries, which remained closed,” said the group.
Bidvest chief executive Mpumi Madisa said Bidvest’s financial year 2021 tagline #EmergingStronger could not be more appropriate.
I am immensely proud of the Bidvest family. We prioritised the health and well-being of our employees in the face of the continued pandemic, maintained a healthy financial position through strong cash generation, and digested the significant PHS acquisition while delivering value-added services and products into a changed operating environment.
“The future remains uncertain, but the group is resilient, agile and futurefit,” said Madisa.
Bidvest expects to release its halfyear results to end December on March 1, 2021. Its shares closed 1.69% higher at R170 on Friday.