BIDCORP, the food services business spun out of industrial conglomerate Bidvest, on Wednesday moved to allay investor concerns about the implications of the Brexit vote for its UK business.Although the historic vote to pull out of the EU plunged the pound into free fall and roiled financial markets, Bidcorp management presented a bullish forecast for its UK operations at its maiden annual results presentation as a standalone company in Sandton."We do not see Brexit as a short-or medium-term threat," Andrew Selley, MD of the UK food services business, said. Although the pound had weakened and inflation expectations had ticked higher, consumer confidence remained strong.Furthermore, the weak pound had made the UK a more attractive tourist destination, which was favourable for the food services business given that it had a footprint in the hospitality sector there.For the year ended June, Bidcorp’s UK business bolstered trading profit 28% to R1.4bn on higher sales.The region was the se...
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