"We know where we are going and we know how to get there," Bidcorp CEO Bernard Berson proclaimed at a recent capital markets day presentation. His confidence in the global food services giant’s future is well founded. "Food services is a growth industry," says Evan Walker of 36One Asset Management. "Millennials in particular like to eat out and are very experimental with food." This showed in Bidcorp’s results in its year to June, when group revenue in constant currency terms was up 4.6%. However, this figure did not do the company’s performance justice: if low-margin business areas that were sold during the year were excluded, revenue in constant currency terms was up 8%. That’s not bad going at a time when global inflation is running at 3%, according to International Monetary Fund estimates. Selling lower-margin businesses has been an ongoing process at the company for a number of years. "Bidcorp has been very clever," says Nadim Mohamed of First Avenue Investment Management. "It ...
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