Bidvest profits up, company eyes African expansion
Despite erratic economic conditions, South Africa’s second-largest company by sales, Bidvest Group, which has interests in a variety of businesses from car dealerships to catering, is investigating new ways to boost its growth across Africa.
In its recently released earnings statement for the 12 months through June, the company confirmed that its focus remains on expanding its exposure to Africa, which it said it would do "via both organic and acquisitive growth".
Bidvest Group CEO, Brian Joffe, said in a statement:
"Trading conditions in South Africa are likely to remain tough in a low-growth environment but management sees opportunity in the current market volatility. Certain divisions are being realigned to cater for succession and streamline our service offering."
In South Africa, the company's home market, faltering commodity prices and power shortages resulted in the economy contracting during Q2. Highlights of the Group's provisional results for the year ending 30 June 2015 included an increase in turnover of 11.6%, to some R204.9 billion, and HEPS increase of 8.6%, to R18.82.
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