Industrial giant Bidvest has informed shareholders that it anticipates a significant increase in its headline earnings per share (HEPS) for the 2023 financial year. The company expects the HEPS to rise by 22% to 26% compared to the previous year.
- Bidvest released a trading update in compliance with JSE Listings Requirements, stating that its FY 2023 earnings are projected to grow by more than 20%.
- The expected changes in Bidvest’s FY 2023 earnings compared to FY 2022 are as follows:
- Group HEPS: 22% to 26% increase
- Normalised HEPS: 15% to 19% increase (excluding specific costs and tax rate impacts)
- Group basic earnings per share (EPS): 15% and 19% increase.
- Bidvest attributes the increase in EPS to a capital loss on the sale of T&C Namibia and other impairments, contrasting with a capital profit from the disposal of a property in the previous year.
- The positive earnings projection follows Bidvest’s strong results for the first half of 2022, where the company reported a 15% increase in headline earnings and a revenue growth of 14% to R57.2 billion.
- Bidvest expects sectors such as renewable energy, mining, agriculture, tourism, and hospitality to continue performing well.
- The company plans to release its full-year results for the period ending on June 30, 2023, on September 4, 2023.