Half Year 2024 Bid Corporation Ltd Earnings Call Transcript
Key Points
- Revenue increased by 24% in rand and 11% in constant currency, indicating strong top-line growth.
- Trading profit rose by 21% in rand and 9% in constant currency, showcasing robust operational performance.
- European, Australian, New Zealand, and South African businesses delivered strong performances, contributing significantly to overall results.
- The company maintains a strong balance sheet, enabling it to take advantage of emerging opportunities.
- Management remains optimistic about continuing to deliver real growth for the rest of the financial year, despite challenging conditions.
- The effective tax rate increased by 2%, impacting HEPS negatively.
- The UK business faced challenges, with significant costs incurred due to the opening of new facilities.
- The economies in which Bid Corp Ltd (JSE:BID) operates are generally flat to negative, with consumer stress and cost of living crises affecting performance.
- Inflation and supply chain disruptions continue to pose challenges, adding costs and inefficiencies.
- The Chinese market showed zero growth, with food deflation impacting business performance.
Good morning, everyone, and welcome to Bidcorp results presentation. And I'm Stephen Koseff, the Chairman of Bidcorp, and I will give a brief introduction before handing over to Bernard Berson and Dave to speak. We are very pleased to announce a very solid set of results in rand and in neutral currency. Credit for these results need to go to strong performances our European, Australian, New Zealand, and South African businesses.
As we are aware, this is not an easy environment, with many countries in which we operate experiencing headwinds. Our strong entrepreneurial culture and decentralized management structure has held us in very good stead, enabling the group to navigate less-than-optimal conditions. Support of our strong balance sheet has again proved vital giving our business's ability to take advantage of opportunities that arise.
Before I hand over to Bernard and Dave to take you through the detail, I'd like to thank executives around the world for the effort and the ability to execute these strategies,
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