Bidvest trading profit rises 3.5% to $44m
Trading, distribution and services group Bidvest said on Monday its trading profit for the year ended June 30 rose 3.5% to $44 million despite flat revenue.
Headline earnings per share were up 9.8% to 1,352.1 cents and the company said exceptional cost and capital discipline as well as improved margins were highlights against a volatile trading backdrop.
"There has been a strong focus on our clients, on solutions, innovation, wholesaling the right product at the appropriate price point as well as bolt-on acquisitions in the services and office & print divisions, which has culminated in acceptable growth," Chief Executive Officer, Lindsay Ralphs, said.
The group declared a final cash dividend of 318 cents per share, bringing the total dividend for the year to 600 cents, up 7.9% from last year.
Strong profitability gains were achieved at Adcock Ingram while Comair recognised the successful claim awarded against South African Airways, which increased Bidvest’s share of profits from these associated companies.
Bidvest said its diverse portfolio of businesses and extensive reach allowed it to weather challenging times. "Our basic-need services and everyday essential product ranges enable us to support and add value to all our stakeholders. Innovation to disrupt ourselves, and the industries in which we operate, remains a core focus alongside disciplined asset management and cost control," Ralphs said.