Profits surge as nimble business model helps Bidcorp weather Covid storm

The food services company says decentralisation helped it trim operating costs by 13.4% in constant-currency terms

Bidcorp, the global food services company spun off from Bidvest in 2016, says its decentralised model is proving nimble during Covid-19, but while profits surged in its year to end-June, it is still digesting the R694m cost of fraud at a Chinese unit.

Revenue from continuing operations fell 4.8% to R114.8bn in Bidcorp’s year ending June, but profit jumped 174% to R3.11bn, with the group saying it is confident people still want to be social and it doesn’t seen any fundamental shift away from dining out...

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