Bidcorp set for solid results despite hiccups in China and SA
Global food service group’s European, Australasian and British businesses, which together accounted for 83% of its earnings, are performing well
Global food service group Bidcorp is on course to produce solid results for the first quarter of its financial year, though it has warned that it is experiencing difficulty in China and SA, according to its latest trading statement. The group did not give a specific earnings outlook, but it did say its European, Australasian and British businesses, which together accounted for 83% of its earnings, are performing well, while operations in SA and China are taking strain. It said its SA businesses have “underperformed in extremely trying economic conditions” and that its Chinese operations have delivered disappointing results because of a slowdown in China. This he blamed on China’s trade war with the US taking its toll, having led to a devaluation in the renminbi currency. On the whole, said Avior Capital Markets analyst Mark Hodgson, the update projects a stable outlook. Bidcorp’s decision not to give a detailed earnings outlook was because of a possible distortion resulting from the...
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