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Bidcorp listed on the JSE on 30 May 2016. The original South African business only contributes about 5% to revenue and less than 9% to operating profit. Exchange rate volatility will continue to impact the results, however management will continue to focus on managing businesses in local currency.
+20.8% (2015: R116,3 billion)
+32.5% (2015 815,2 cps)
+26.1% (2015: R4,1 billion)
Revenue grew 20.8% to R140,5 billion (2015: R116,3 billion). Major contributors to the increases were the UK and European operations, reflecting organic growth and assistance from currency effects on translation. Revenue growth was dampened by the deliberate and planned exit of large contract business in various geographies. Acquisition costs of R8,9 million (2015: R43,6 million) reflect minimal acquisition activity as compared to the prior year. Smaller acquisitions include MPD (Czech - R162,0 million) and Caterfood and Cimandis (UK Foodservice - R464,0 million). Disposals include Patleys (Food Africa - R171,3 million) and groups minority share in the associate VCN (Netherlands - R51,6 million).
Management remains alert to opportunities and are confident of delivering further growth in the year ahead across all segments of the market; organically through a focus on the independent trade and appropriate business mix, supplemented by investment in fit-for-purpose infrastructure; through bolt-on acquisitions in territory to expand geographic reach and product range extension; and via larger acquisitions to enter new markets.
Group declared a final gross cash dividend of 241,0 cents per share:
Last day to trade cum dividend: Tuesday, September 13 2016
First day to trade ex-dividend: Wednesday, September 14 2016