Bidcorp reaps most of its profits from Australia and New Zealand
Bid Corporation (Bidcorp) earns most of its revenue in Europe, but most of its profit from Australia and New Zealand.The geographically diverse food conglomerate unbundled from Bidvest in 2016 reported on Wednesday morning that its revenue for the six months to end-December grew 8% to R61.5bn.At Tuesday’s closing price of R264.15, Bidcorp had a market capitalisation of R88.6bn, placing it ahead of Tiger Brands’s R85.5bn and making it the JSE’s largest food group.Bidcorp segments its results into four geographic regions.Its Europe division, which excludes the UK, grew revenue 20% to R19.6bn, contributing nearly a third of the group’s total sales.The results refer to a "free trade horeca business" — horeca is an abbreviation used in Europe for the hotel, restaurant and café industries — which Bidcorp serves on the continent."Belgium’s revenue growth continued to beat expectations and trading profit growth was pleasing. The catering segment maintained volumes in the face of pressure, w...
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