Bidcorp warns of profit slump and Covid-19 writedowns
Food services group has battled with pandemic’s effects across all countries in which it operates
24 August 2020 - 08:26
Bidcorp, the global food services company spun off from Bidvest in 2016, has warned of hefty write-downs in its year to end-June as it battles with the fallout from the Covid-19 pandemic.
The group said sales declined 28% in the last quarter of its financial year, while it experienced significant abnormal costs. This includes debt provisions of R785m, inventory obsolescence of R248m, restructuring costs of R470m and asset write-downs of R940m...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.