THE MARKET gave Bidvest the cold shoulder, sending its shares 10% lower, after the services, trading and distribution group delivered a voluntary trading update for the four months to October 31, 2023, saying its performance was “muted”.
Yesterday the share had tanked nearly 10% to close at R244.07 on the JSE. Year-to-date the share is up 26.41%.
Bidvest CEO Mpumi Madisa said: “Group performance was muted during the first four months of FY24. Whilst the expected slowdown was signalled previously, the actual volume and margin drop, particularly in the consumer-facing activities, was greater than anticipated.“
Overall, revenue growth slowed as activity, off a high base, was diluted by contracting durable consumer spend, volume reduction in some sectors and increased price competitiveness. Travel and hospitality as well as commercial demand for…
