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Bidvest holds on to dividend amid debt spike

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Acquisition of UK hygiene services group PHS pushed industrial conglomerate further into the red

Industrial conglomerate Bidvest has opted to hold on to its final dividend to preserve cash, after Covid-19 hit the value of some of its businesses, and acquisitions led to a jump in debt.et debt surged to R19.2bn from R7.8bn previously. This was largely due to its £495m acquisition of UK hygiene services group PHS in May.

Normalised headline earnings fell 22.5% to R3.49bn. This profit measure is adjusted for, among other things, acquisitions costs.

 

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