Volumes in China are recovering quickly, Bidcorp says

Food services company Bidcorp says it is seeing a sharp recovery in volumes in China, the centre of the Covid-19 outbreak.

Volumes were quickly approaching the levels of 2019 in China, which was an encouraging sign, Bidcorp said.

In other countries, the group said it was seeing a short-term decline in volumes of 45%-70% compared to a year ago, and it was still too soon to quantify the economic damage of the viral outbreak.

“We strongly believe in our business model and that our customers and demand will bounce back over time,” said CEO Bernard Berson.

“Our businesses are designated essential services which means we are playing a critical role in servicing those most affected by the crisis,” he said.

The share price of Bidcorp, which separated from Bidvest and listed on the JSE in May 2016, was up 1.58% to R228.08 in morning trade on Tuesday, having lost 23.66% of its value so far in 2020.

gernetzkyk@businesslive.co.za