Bidvest reports boost from acquisition amid Covid-19 headwind

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Revenue in the first four months of Bidvest’s financial year are in line with that of 2019, with acquisitions and cost control offsetting the pandemic’s effects

Industrial conglomerate Bidvest, whose interests span cleaning services to freight management,

“We prioritised the health and wellbeing of our employees in the face of the continued pandemic and maintained a healthy financial position through strong cash generation,” said CEO Mpumi Madisa. The group had also “digested the significant PHS acquisition while delivering value-added services and products into a changed operating environment,” Madisa said.

The group also said it had gained market share in certain commercial products, such as workwear and do-it-yourself-tools, items that were hit hard during SA's lockdown. New and used vehicle sales declined 22% and 15%, respectively, while aftermarket activity has recovered to about 85% of pre-Covid-19 levels, Bidvest said on Friday.

 

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