Bidcorp half-year revenue surges 24%

Bidcorp, a leading foodservice group, recently reported a significant increase in earnings per share and revenue for the half-year ending in December 2023. Despite facing a turbulent global economy marked by anemic growth, the company's revenue surged by 24.0%, with European operations serving as a key driver for this growth. In an exclusive interview with CNBC Africa, Bernard Berson, CEO of Bidcorp, shed light on the factors contributing to the company's success and its strategic outlook moving forward. Berson attributed Bidcorp's strong performance to a well-executed long-term strategy and the dedication of management teams across the globe. While economic conditions remained challenging, the company's consistent growth underscored the effectiveness of its approach. In Europe, where the business saw notable success, Berson highlighted the tough operating environment in the UK, citing lower margins and higher costs as key challenges. However, he emphasized that the company's investments in infrastructure and capacity were essential for future growth, positioning the UK business as a significant contributor in the medium term. On the topic of escalating food inflation, a frequent concern in the industry, Berson acknowledged the impact of rising costs but expressed confidence in managing and mitigating these challenges. He projected a gradual decline in inflation levels over the coming year, providing a more stable environment for operational planning. Looking ahead, Bidcorp's focus on market expansion and service enhancement in key regions like Australia, New Zealand, and South Africa remained a priority. Berson highlighted ongoing investments in these markets, underscoring their importance in driving overall growth for the company. Despite uncertainties in the global landscape, Berson maintained a cautiously optimistic outlook for Bidcorp's future performance, aiming to sustain positive real growth and navigate potential disruptions effectively. The company's resilience and commitment to long-term success positioned it well to weather uncertainties and capitalize on opportunities in the evolving market environment.