Bidvest shrugs off weak economy
The group’s businesses have performed strongly
Bidvest has brushed aside the country’s sluggish economic growth, with almost all of the services, trading and distribution group divisions performing strongly in the four months to October 30. Bidvest’s voluntary update indicates that the company is set to report a strong set of results in March 2019 for the six months to end-December. Bidvest said its various businesses have withstood a combination of sluggish economic growth, political instability and waning business confidence. “We are pleased with our year-to-date performance and we remain confident that our resilient business model, tight expense control, the measures we have taken to ensure we remain relevant and competitive, as well as increased volumes in certain sectors and acquisitions will enable us to deliver acceptable growth in [the 2019 financial year],” CEO Lindsay Ralphs said on Wednesday. The group, which is still holding on to its minority stakes in Adcock Ingram (38.5%) and Comair (27.2%), said its financial pos...
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