Bidcorp FY HEPS surge 33%

JSE-Listed international foodservices group, Bidcorp, reported a remarkable 33 per cent surge in annual earnings and a 35 per cent rise in headline earnings despite facing high food inflation. The CEO of Bidcorp, Bernard Berson, shared insights into the stellar performance and the company's future prospects in an exclusive interview with CNBC Africa. Berson expressed optimism about Bidcorp's performance, attributing the success to the company's resilient trajectory since 2019. He highlighted the team's efforts globally and emphasized that the outstanding results are indicative of a new norm for Bidcorp, setting a solid foundation for continued growth in the future. Key Points: 1. Diversified Divisional Performance: Berson noted that Bidcorp witnessed exceptional performance across its various divisions and geographies in the past year. Despite some minor setbacks, most businesses performed exceptionally well, benefitting from increased consumer spending in an inflationary environment as economies gradually recovered from the pandemic. 2. Focus on Growth Opportunities: The CEO highlighted the UK market's contract wins and acquisitions that drove substantial growth, acknowledging the need to fine-tune operating margins in the region. With a positive outlook on long-term growth prospects, Berson underscored the demographic shift towards out-of-home dining, which presents significant opportunities for Bidcorp. 3. Strategic Investments and Acquisitions: Berson emphasized Bidcorp's commitment to investing in infrastructure to support growth, with capital expenditure expected to remain steady at around two to three per cent of revenue. The company's acquisition strategy, with a focus on bolt-on acquisitions, continues to strengthen Bidcorp's market position and drive expansion into new geographies like Australia and Western Europe. In the interview, Berson also addressed the company's focus on digitization, highlighting Bidcorp's longstanding efforts in leveraging online platforms for transactions and utilizing AI for customer-specific pricing models. He emphasized the importance of adapting to macro-economic factors, including inflation, and the need for optimism and strategic execution in navigating potential challenges. In conclusion, Berson reiterated his confidence in Bidcorp's ability to sustain growth and capitalize on emerging opportunities, underscoring the importance of resilient strategy execution and employee motivation in achieving continued success.