Food services group has battled with pandemic’s effects across all countries in which it operates
Bidcorp, the global food services company spun off from Bidvest in 2016, has warned of hefty write-downs in its year to end-June as it battles with the fallout from the Covid-19 pandemic.
The group said sales declined 28% in the last quarter of its financial year, while it experienced significant abnormal costs. This includes debt provisions of R785m, inventory obsolescence of R248m, restructuring costs of R470m and asset write-downs of R940m. Headline earnings per share from continuing operations is expected to fall 45%-50% from 1,443.6c before, the group’s trading update reads.
Heps is a widely used profit measure that excludes one-off items to give a better indication of the underlying performance of a business. Continuing operations excludes the effects of businesses that have been sold.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South Africa hits 600,000 Covid-19 cases, but stats show virus spread has slowedHealth minister Dr Zweli Mkhize said that there were 603,338 total cases by Friday night, an increase of 3,398 from the day before.
Read more »
’Psychological impact of Covid-19 could be SA’s second wave’Five months into lockdown, the impact on the mental health of South Africans has been immense and there is an urgent need for mental health experts to be included on national task teams to deal with the fallout from the Covid-19 pandemic.
Read more »
SA enters a new world of freedom but Covid-19 pandemic is far from overStrangely enough though, the job security of our politicians and our public servants – particularly all those outside of health, defence and law enforcement – seems guaranteed, indeed the unions keep threatening to strike to force through increases.
Read more »
COVID-19 LIVE UPDATES | 3398 new cases reported in the last 24 hoursThe rate at which each 100,000 cases has been recorded is an indication that SA has passed the peak of its Covid-19 outbreak.
Read more »
COVID-19: SA death toll rises, recovery rate at 82%The Health Department reported 225 new COVID-19 related deaths in the past 24 hours.
Read more »