Bidcorp has announced a 10% increase in first-half profits, projecting a positive outlook for the rest of the fiscal year. Headline earnings per share (HEPS) reached 1,267 cents in the six months ending December. CEO Bernard Berson attributed this growth to a combination of organic expansion and strategic acquisitions, noting approximately 5% real organic growth after adjusting for inflation and acquisitions. The company completed eight bolt-on acquisitions during this period.
Despite operating in a challenging global environment, marked by currency fluctuations, subdued demand in China, and weather-related issues in Europe, Bidcorp remains optimistic. The company emphasized its focus on controllable factors and anticipates continued real growth in the coming period. Revenue increased by 7.1% in constant currency to R118 billion, accounting for food-basket inflation and acquisitions. The interim dividend was raised by 6.7% to 560 cents per share, supported by a nearly 20% increase in cash generation to R8 billion.