“Turnover grew 19.7 per cent [and] includes 22 billion rand of clearing and forwarding disbursement recoveries, primarily in the clearing and freight forwarding industry,” the group said.
“Major increases occurred in Bidvest Asia Pacific and Bidvest Europe principally reflecting organic growth and assistance from currency effects on translation. Acquisitions accounted for 7.2 billion rand of the revenue growth.”
[DATA BVT:Bidvest]’s turnover grew to 183 billion rand for the year ending 30 June 2014 from 153 billion rand for the same period in 2013.
“Trading conditions in South Africa during the last quarter of the year became increasingly disruptive, compounded by the detrimental effects of prolonged labour unrest and declining consumer demand. Bidvest Namibia recorded a decline in trading profit,” it said.
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“The core Australian and New Zealand markets remain resilient, driven by expansion and innovation into new segments of the food market. The UK businesses did well, particularly the specialist food businesses of Bidvest Fresh. In Europe, signs of recovery were evident across some markets.”
Revenue increased by 22 per cent from 132 billion rand in 2013 to 161 billion rand in 2014 and operating profit grew by six per cent to 7.8 billion rand from 7.4 billion rand.
Profit before taxation rose 1.6 per cent to 6.9 billion rand in the 2014 year from 6.8 billion rand in 2013 and headline earnings per share increased by 11.1 per cent to 1 733 cents from 1 560 cents.
“The prospects for the group remain positive, supported by the anticipated benefits arising from the significant acquisitions and investments made over the past year. Bidvest remains conscious of the need to ensure the relevance of our business models and structure,” said the company.
“In view of the strategic considerations for Bidvest and the prevailing international equity market conditions, the board has resolved to evaluate the benefits of the listing of the international foodservice operations on the London Stock Exchange.”
Bidvest added that its financial position remains sound and that management is confident that it will deliver an improved performance for the year ending June 2015.