Salient features

  • More than
    of individual businesses achieved Level 1 to 2 B-BBEE rating
  • R5bn
    spent on acquisitions and capex
  • Strong balance sheet maintained with conservative gearing
  • Tight asset management continued
  • Both gross and trading profit margins improved
  • Strong earnings growth in associate companies
  • Trading profit
    to R6.7 billion
  • HEPS
    to 1 352.1 cents
  • Normalised HEPS
  • 18.4% ROIC well ahead of cost of capital
  • R7.1bn
    cash generated from operations
  • Final dividend declared of 318 cents per share,


Bidvest is a leading business-to-business trading, distribution and services group, operating through seven divisions: Services, Freight, Automotive, Office and Print, Commercial Products, Financial Services and Electrical. The Group owns a significant Bidvest-occupied property portfolio. Subsequent to year-end, Bidvest strategically increased its stake in Adcock Ingram to 50.1%, making it a Proudly Bidvest company. Bidvest continues to hold investments in Comair (27.2%) and Mumbai International Airport (6.75%) (MIAL), as well as other unlisted investments.


Bidvest delivered a credible result in a market characterised by weak economic growth as well as significant business and fiscal uncertainty and volatility. Trading profit increased by 3.5% to R6.7 billion despite flat revenue. Exceptional cost and capital discipline as well as improved margins were highlights against the volatile trading backdrop. The combined services businesses, comprising Services, Freight and Financial Services, representing two-thirds of operational profit, grew trading profit by 6.4% while the profit from the combined trading and distribution businesses contracted slightly.