• Unaudited results for the half year ended December 31  2022

Bidcorp has delivered an excellent trading performance for the half year, benefiting from resurgent demand across the hospitality, tourism, and leisure industries. This performance is a testament to our strategy implemented by our experienced global teams over many years, our entrepreneurial and decentralised operating model, along with the continuing support of our loyal customer and supplier base.

Headline earnings per share (HEPS) increased by 45,5% to 971,7 cents per share (H1F2022: 668,0 cents per share), with basic earnings per share (EPS) increasing by 48,2% to 972,4 cents per share (H1F2022: 656,3 cents per share). Currency volatility positively impacted the rand-translated results by 3,9%, with constant currency HEPS of 945,9 cents per share being recorded.

Activity for the half year continued the momentum seen in the latter part of F2022, with most economies rebounding strongly. Normal seasonality resulted in a positive festive season through December, however, weather-related events in the northern hemisphere did impact the UK and European businesses. Australasia delivered a fantastic performance. Emerging Markets showed real growth and resilience, and further improvements as the business models mature and evolve.

Overall demand in the hospitality markets maintained the buoyancy seen in the latter part of F2022, assisted by inflationary impacts, but well surpassing pre-COVID-19 (COVID) levels. Our exposure to office catering in major cities has reduced over the years shielding many businesses from the slow recovery in this segment. Refinement of our exposure across all segments of our diverse customer base remains a continual exercise in both the discretionary and non-discretionary spend segments.

Operating conditions in the period have remained challenging, high food inflation remains underpinned by higher labour, energy, and fuel costs, which have not moderated as yet. Labour scarcity, ongoing supply chain disruptions, and certain product shortages remain prevalent.

Our teams around the world are flexible, nimble, and highly adaptive to the evolving environment and these results are because of this commendable performance.

Investment activity has remained strong as the businesses prepare for anticipated continued growth, both in distribution capacity and bolt-on acquisitions.


The board has declared an interim cash dividend of 440,0 cents per share for the half year ended December 31  2022 (H1F2022: 300,00 cents per share), representing approximately 2,2 times HEPS cover, in line with group policy.

Financial overview

Net revenue of R91,8 billion (H1F2022: R71,6 billion) rose by 28,1% (constant currency increase of 25,0%). Revenue across all divisions was significantly higher than H1F2022, reflecting the benefits of high inflation but also representing real double-digit growth in activity levels. In all cases, each division exceeded that of the pre-COVID levels achieved in H1F2020.

Gross profit percentage at 23,6% (H1F2022: 23,9%) held up very well in the current inflationary environment. In a few businesses, we have taken strategic decisions to maintain volumes by sacrificing some margins and in others, margins are impacted as there is a timing lag in repricing customer contracts in the national accounts sector. In the main, most businesses have been able to substantially pass through product and cost inflation increases.

The overall cost-of-doing-business decreased from 19,2% in H1F2022 to 18,3% currently, well below the pre-COVID levels of 18,8%. On a constant currency basis, the group achieved cost efficiencies with a 19,4% increase in operating costs against an increase in revenues of 25,0%. Management has run the businesses very efficiently despite rising employee costs, high energy and fuel prices, and ongoing inefficiencies from supply chain disruptions.

Group trading profit increased by 43,9% to R4,9 billion (H1F2022: R3,4 billion) and the trading margin achieved was 5,3% (H1F2022: 4,7%), surpassing those achieved pre-COVID.

Net finance charges (excluding IFRS 16 charges) were significantly higher by 45,7% at R223,9 million (H1F2022: R153,7 million) driven by higher working capital, ongoing investments into facility expansions, higher dividend payments to shareholders, and a materially higher interest rate environment across all financial markets.

Cash generated by operations before working capital was R6,1 billion, R1,6 billion more than that generated in H1F2022. Bidcorp, however, absorbed working capital of R3,1 billion reflecting an increase of R1,3 billion on H1F2022. In terms of monthly average net working capital days, the 12,1 days (H1F2022: 7,2 days) has increased, however, our working capital percentage to revenue at 4,5% sits well within our normalised target of 4,0% to 5,0%. Despite revenue being 34,5% higher than H1F2020 (last pre-COVID interim trading period), monthly average net working capital days are better by 1,6 days. However, there are a number of businesses running higher than intended working capital levels, which remains a focus for the second half.

Gross investments in property, plant, and equipment of R2,0 billion (H1F2022: R1,1 billion) reflect a step-up in expanding capacity, the largest portion of which has been in Australia. Six bolt-on acquisitions were concluded at a cost of R375,8 million, expanding either our in-country geographic reach or product range in all of our trading divisions.

Non-IFRS 16 net debt to EBITDA at 0,4 times (H1F2022: 0,3 times) and non-IFRS 16 EBITDA interest cover at 24,3 times (H1F2022: 25,4 times) remains well within group covenants and in line with the group's philosophy of maintaining conservative gearing within the operating environment. Bidcorp remains well capitalised and retains adequate headroom for further organic and acquisitive growth.

Bidcorp cares

In two of the territories in which we operate, Türkiye and New Zealand, recent natural disasters have caused significant loss and suffering to the local communities. Our businesses in these regions and around the world have responded with food donations to alleviate some of the desperate need experienced by those impacted. Our thoughts are with those communities who have suffered at this time.


Bidcorp's strategic focus remains on the wholesaling of food and allied products to the eating-out-of-home market, focusing on growth through selling to the correct mix of customers, serviced by well-located infrastructure, and enabled by world-class technology solutions. This strategy is supplemented via in-territory bolt-on acquisitions to expand geographic reach and product ranges, or via strategic acquisitions to enter new markets.

Organic growth remains the primary focus of all businesses through broadening our service offering to our existing customer base while gaining new customers. Further development of our product sourcing capabilities, both local and imported, is creating the opportunity to expand our Own Brand offering. Small, but strategic, investments are also being made into value-add product opportunities to further enhance the product range.

Operating conditions are likely to remain volatile and challenging with ongoing staff shortages, supply chain disruptions, and stubbornly high inflation. Despite the anticipated slowdown in discretionary spend due to tougher economic conditions, current activity levels across our diverse customer base remain positive, fortunately with no significant evidence of a slowdown yet.

Capex investments, principally into strategic distribution facilities to provide for future capacity, will remain elevated to cater for anticipated organic growth. Integral to these investments, is the deployment of new technologies for renewable energy, refrigeration, energy efficiency, and logistics optimisation in an environmentally and cost-efficient way. Bidcorp's target of a 25% reduction in carbon emissions by 2025 is well within our grasp.

Post-December 2022, two bolt-on acquisitions have been concluded in the UK and others are under consideration across the group. No new geographic-market acquisitions have presented themselves, but we are alert to any potential opportunities should they become evident.

Our ecommerce and digital technology solutions continue to drive innovation in our businesses in a cost effective, high-impact way. Our digital strategy is a competitive advantage, designed to facilitate real-time, user-friendly, positive engagements with our customers and suppliers.

We continue to invest to develop our technology and data capability to support our growth strategy.

Management is optimistic that Bidcorp should continue to see the benefits of the current strategy play out through its businesses in the global foodservice industry. Trading into January and February has held up well notwithstanding normal seasonality, particularly in the Northern Hemisphere and Asia. There are many obstacles in various economies, consumer confidence is waning, and many operational challenges remain, however, we are confident that we have the management teams and the business model to continue to deliver real growth into the second half of the financial year.

Divisional review


Exceptional results were achieved off a comparative base that had been impacted by COVID-related restrictions. Revenue for the half year increased 35,9% to R21,8 billion (H1F2022: R16,0 billion). Demand in the region has been buoyant and the businesses have responded well. Trading profit was up 57,2% to R1,5 billion (H1F2022: R981,5 million), an excellent performance on the back of a good recovery, despite the ongoing acute labour challenges experienced throughout the region. Growth opportunities lie in the identification of customers and product categories where we are able to create value through the manufacture or procurement of key products, and where we can work closely with our customers to unlock these mutually beneficial opportunities.

Australia has delivered an excellent first-half performance. Looking after the team has been key, with focused retention and incentivisation programmes paying off, to keep our team strong and to attract good staff to meet the growing demand. Food inflation is at an all-time high, and the expense base is starting to feel inflationary pressure. Continued efforts to maintain margins and to navigate the ongoing labour and supply chain challenges into H2 remain, although indications of some easing are apparent.

Foodservice achieved well above prior period results, with profits reported in all operating businesses. Indications support that we are gaining market share. Labour costs, especially overtime costs in city centres, remain high. The National Sales Team have been closely managing the right customer mix, using training events and innovative social media tools to grow awareness in the market. The Lismore branch, impacted by the Q3F2022 floods, is due to reopen in H2. Investment into new purpose-built facilities provides additional capacity to accommodate forecast growth. Newly acquired, Variety Foods, has performed well, and this business will move into the new Western Australian Malaga (Perth) branch, due to be opened in Q4.

Supply Solutions continued to perform with all product lines, except hygiene (being COVID-related PPE), exceeding expectation. Further investment into additional storage capacity is planned as this business continues to grow.

Our manufacturing business, Simply Food Solutions, now a key part of the future growth strategy, has delivered positive results.

We are sustainably focused on our capex allocation, particularly in new buildings, all fitted with solar panels and zero-emission cooling systems. In addition, we continue to replace end-of-life motor vehicles, material handling, and refrigeration equipment, to maximise our energy efficiency.

New Zealand maintained the excellent first-quarter performance, benefiting from the robust rebound after lockdowns, as well as embracing the holiday season. Results were the strongest on record. Resurgent international tourism should continue to fuel this trajectory into H2. Sales were boosted by inflation, but the key driver has been ongoing margin management, reflecting the work in passing on price increases and in ensuring the rising costs impact is captured in the margin expectations.

Fuel cost increases, labour shortages, and wage inflation pressures remain, and have not yet shown signs of abatement. Across the country, the horeca sector continues to implement cost-saving measures such as reducing operating hours and simplifying menus to counter some of these pressures. Our teams are sensitive to these adjustments, identifying value-add opportunities to support our customers, while also keeping abreast of these challenges within our own operations.

Foodservice had an outstanding period with sales volumes and margins higher than previously recorded, supported by tightly managed operating costs. A solid focus has been placed on driving growth in free trade, which has delivered in all regions. Maintaining the required staffing levels has been a constant pressure, requiring wage increases and robust staff development programmes to attract and retain good staff.

The supply side of the Fresh business was challenging throughout Q2, due to the high food inflation. Supply chain disruptions continued, as growers grappled with staff shortages, coupled with the unpredictable weather conditions, adding to pricing and margin pressures. Focus on margin protection and consistency of supply has set our operations apart, and is reflected in the excellent results.

Simply Food Solutions (SFS), our newest division comprising the previous Manufacturing and Bidfood Imports business, had a strong start to the year, with the rebound in Prepared Produce being especially pleasing. A strong shift towards value-add products has been noted, as customers are appreciating these products offer a solution to their own staffing challenges. SFS benefited from improved yields following the investment into new processing equipment. Imports, in spite of supply chain challenges and a very expensive delivery route, continue to grow from strength to strength.

Logistics remains a tough market, with tight margins, that has not performed to expectation. The exit of a key QSR customer has had a short-term impact, caused by our decision not to cut headcount, as we rolled this business back into Foodservice.

Capex investments principally relate to the purchase of trucks, all meeting the Euro 6 emissions standard. Fleet capex continues to be challenging with long lead times on trucks and bodies showing no signs of improvement.

United Kingdom (UK)

Following on from a turbulent first quarter both politically and economically in the UK, there were some green shoots of recovery in the second quarter. Revenue increased a pleasing 23,6% to R23,1 billion (H1F2022: R18,7 billion), with trading profit also up 55,8% to R908,8 million (H1F2022: R583,1 million). We remain vigilant to the inflationary pressures experienced by our customers, and ensure that price review increases embrace opportunities to continue to protect volumes and margins.

Wholesale delivered a good result, despite severe weather conditions and rail strikes dampening a usually very busy festive season. Overheads remain the key challenge with relatively fixed wage costs, and high energy and fuel costs. An operational pay simplification exercise has been completed to support the recruitment and retention of a flexible, multi-skilled workforce. Fuel, energy, and currency hedging programmes are in place to control costs. Rollout of new sales contract wins will have a positive impact in H2.

The Caterfood Buying Group (CBG) recorded improved profits, benefiting from the acquisition of Nicol Hughes. All CBG businesses achieved good growth, with the exception of Elite which has had a challenging few months. CBG will be boosted in H2 following the acquisitions of Harvest Fine Foods (from January 16) and Thomas Ridley (from January 20). The Manufacturing division is profitable, with Simply Foods delivering a particularly good result.

Fresh continued the strong Q1 performance through Q2, with solid profit growth achieved. Seafood continues to perform well, with margins holding up. Meat sales have grown, and Produce looks forward to adding a major new account in Q4, which will add good volume through the business.

Digitisation strategies and investment into the IT infrastructure continue, with a strong focus on continued improvements to the IT security posture. Innovative solution developments and the successful implementation of a cloud-based environment have bolstered our digital customer journey.

A new People and Sustainability Vision, Mission and Purpose has been launched. The vision is to create outstanding leaders to develop talent and drive the business forward. Work has also commenced on interrogating our carbon emissions trajectory towards setting net-zero target plans.


Revenue performance for the half year was pleasing, up 31,0% to R31,6 billion (H1F2022: R24,1 billion). Trading profit results increased to R1,6 billion, up 41,8% on the prior period (H1F2022: R1,1 billion). Sales held up very well through the northern hemisphere summer across all businesses, benefiting from inflation against a relatively normal comparative period.

Netherlands experienced a strong Q2, well above pre-COVID levels, a testament to the success of focusing on the right customer mix. Inflationary price increases were passed on as margins were maintained. Ongoing cost pressures remain, although some easing of energy and fuel prices was noted. Staff absenteeism remains high, and is getting management's attention. Expense and operational pressures did not detract from performance, reflected in the excellent results. Additional investment into inventory was intentional, buying ahead of the price increases. Investment into a new depot, Zierikzee, is on schedule for completion in Q3; and the new Hague property development is underway, with occupancy planned in April 2024.

Belgium ended the calendar year with revenues exceeding expectations and the prior period. Pleasingly, trading profit followed suit. Q2 results were positively impacted by three full months of trading activity within the education sector. Over exposure to the national account and institutional sector remains structural. Controlling overheads is a key management focus, aggravated by the rising labour, fuel and energy costs, as well as wider persistent cost inflationary pressures. Catering, which has been impacted by the lag in the return-to-office rebound, remains behind pre-COVID activity levels. Outside of city centres, people have returned to eating-out-of-home social activities. Recently acquired Foster Fast Food, contributed positively as the market embraced QSR meal options, which also benefited our business in Thuin. Wholesale performed slightly above expectation and our horeca businesses performed well.

Czech Republic and Slovakia have felt the full impact of the significant inflationary pressures across the whole cost base and with their retail customers. In spite of these unprecedented conditions, the operations were able to produce record trading results. Supply chain pressures moderated as demand dropped off and shipping routes opened up, thus reducing costs. The Russia-Ukraine war continues to present uncertainty in the region, and this has impacted volumes in the horeca market. Solar investments continue to both ease the rising energy costs as well as positively contribute towards reducing the environmental impact. A further five sites have been earmarked to have solar installations completed in the coming half year.

Italy ended the second quarter with record revenues. Trading profits were up, as the cost-of-doing-business improved. Purchasing ahead of the inflation curve resulted in higher inventory levels at the end of December, but the benefit thereof will be realised into the second half. Stricter payment terms applicable to certain suppliers have been legislated, adding to the working capital pressures. Navigating the Europe-wide challenges of labour shortages, food inflation, supply chain disruptions, and the fallout of the conflict in Ukraine is ongoing.

Poland achieved excellent revenue, margin, and trading profit results in H1, comfortably beating all previous trading periods. Profitable revenue, driven by getting the customer mix correct, has again proven the success of this strategy. Despite the significant inflationary pressures, the freetrade segment thrived. Increasing product pricing, energy and fuel costs, and wage pressures were actively managed throughout the period. Ongoing tension from the Russia-Ukraine war continues, but opportunities present as the region comes together to support those most vulnerable. Investment into further digitising customer engagement and warehouse processes continues to deliver efficiencies and support growth. A new depot was opened in Nowy Targ in December 2022. Solar panels have been installed in the Poznan depot, and more installations are planned, as the business realises its green energy targets.

In Germany, a good summer and strong start to Q2 was somewhat dampened by poor trading through December. Supply chain challenges and increased wage pressures fuelled uncertainties within the consumer environment, which dampened activity levels through the festive season. Reorganisation of the team into focused product categories should promote product knowledge and specialisation. Austria was profitable, with good prospects ahead.

Baltics delivered good revenue growth in both Lithuania and Latvia, with both regions achieving record profit performances. Foodservice sales have been excellent. Unprecedented cost increases in the fuel and energy sector have impacted cost management, although signs of this cost pressure starting to ease is now evident. The Estonian acquisition, Fruit Xpress, was completed in December 2022, a fresh and multi-temp food wholesaler in the foodservice sector. Further investment into expanding the current freezer capacity is planned to meet growth demands. The foodservice market has maintained its momentum overall, and management is confident of a strong second half.

Spain overall has had a difficult first half, with food inflation up. Declining volumes through October and November impacted both the Guzman and Igartza operations. A stronger December was not enough to show any real growth in the period. On the positive side, a new acquisition of a bread and pastry business, Euskopan, was completed in December 2022, and an investment into land for a new depot in San Sebastian will increase capacity. A leadership change late in the period will allow the business to realign itself in the coming months.

Portugal delivered an excellent result. Significant changes in the horeca market added to the uncertainty, but our team was able to successfully navigate these pressures. Maintaining margins was a key focus area and labour retention was a challenge. Further investment to meet the increasing demand is being made into the new Sintra depot in Lisbon, and investigations are underway to build a new site in Porto. A successful rebranding of the business to Bidfood Portugal was completed in December 2022.

Emerging Markets

The Emerging Markets businesses continued to report progressively stronger growth, with current activity levels significantly improved. Revenue in the segment was up 19,4% to R15,3 billion (H1F2022: R12,8 billion) and trading profit up 20,4% to R894,3 million (H1F2022: R742,6 million). Greater China had a tough first half as a result of continued COVID restrictions, but notwithstanding, delivered an improved trading performance. Markets opened late in the second quarter and activity levels are resuming. We are confident of a better second-half trading performance.

Bidcorp Food Africa (BFA) achieved excellent results, on the back of an impressive performance in our foodservice business. Facing significant infrastructural challenges from the constant power blackouts disrupting nation-wide economic activity, our teams have navigated this superbly. Many customers and suppliers have closed down or significantly downscaled to improve their chance of survival. This challenge, accompanied by the significant inflationary cost pressures, has necessitated our businesses to embrace even more creative solutions to maintain their current growth trajectory.

Bidfood South Africa (Bidfood) achieved outstanding half-year results, exceeding pre-COVID levels in revenue and trading profits. Pent-up demand for dining out continued through the summer and excellent results were achieved in the independent channel. National accounts sales improved, with hotel occupancy only slightly below pre-COVID levels. Airline catering struggled due to fewer flights and reduced food offering onboard. Industrial caterer's channel was up on the prior period, nearing pre-COVID levels as office workers returned. Bidfood's expenses were well managed given the revenue growth. Working capital came under pressure, impacted by the late arrival of frozen chips during the Transnet strike and strategic buy-ins of hake fillets and sugar. Bidfood continues to make improvements in the IT environment. Investment in human capital and transformation continues. Bidfood is optimistic of a strong second half, despite high inflation and electricity blackouts challenges.

Crown Food Group (CFG) has struggled to avoid the impact of the high inflation and low economic growth. The ongoing blackouts have impacted independent butcheries and production in the meat and chicken processing sectors. Wholesale customers have also chosen to hold less inventory due to the downturn in demand. A loyalty programme was launched in September 2022. The increase in expenses was well managed, with major increases relating to salary and wages. Delivery-related expenses increased due to the fuel price. Capex investment into manufacturing facilities and vehicles was incurred. Tough trading conditions are expected to continue.

Chipkins Puratos (CP) (50% equity accounted) achieved pleasing profit growth. Inflation was passed onto customers with margins maintained across most categories. Revenue in the retail channel increased but this was impacted by the intentional exit of a customer. Expenses increased due to the increased provision for bad debts and higher delivery costs. Capex spend was on the new powder plant, delivery vehicles, and the cream yeast installations. CP will seek to grow its position in manufactured products. Expansion projects in the industry and export segments are ongoing. The trading conditions on commodities and yeast are challenging, and small bakeries have been impacted by continuous blackouts.

Bidfood Properties finalised the new Gqeberha development for Bidfood and CFG. Construction of the new Johannesburg South multi-temp facility is due to commence later this year.

Greater China has been severely impacted by the COVID-related restrictions, limiting dine-out and travel across the region. In December, the government abruptly reversed its zero-COVID policy leading to a massive wave of infections, spreading through the major cities, impacting consumer confidence. We maintained regular deliveries to our customers throughout the quarter by reallocating resources despite significant health-related absenteeism.

Hong Kong's revenue performance had been sluggish compared to the prior period, until mid-December when the pivot in COVID policies was announced. Consumer sentiment improved and revenues rebounded strongly. The faster-than-expected reopening of mainland China will accelerate the pace of Hong Kong's economic recovery.

Singapore had a strong quarter, increasing both revenue and trading profits. A rebrand to Bidfood Singapore, previously Angliss Singapore, was completed, now with three trading divisions: Angliss (Broadline), Bidfood Innovations (previously FoodPride), and Gourmet Partner (Premium products). Inflation continued to drive price increases in food, transport, and utilities. Expenses increased due to higher labour costs, increased third-party storage, container storage, and significantly higher electricity tariffs. The small Vietnam business has not performed to expectation, largely because of the slow return of tourists, but we are hopeful of improved results in H2.

Malaysia had a challenging second quarter, impacted by the earlier monsoon season, flash floods, and political instability. Bidfood Malaysia is primarily focused on foodservice. Gourmet Partner has grown, despite the unfavourable environment and supply chain shortages. In September 2022, the business completed a 60% acquisition of a small business based in Kota Kinabalu Sabah (Borneo Islands). A positive festive season and the introduction of the Illy coffee range offset some of the earlier challenges. Investment into additional fleet and warehouse capacity is planned.

The Middle East (BME) delivered great H1 results, well above the prior period. All regions participated in achieving growth, albeit at the loss of some margin following a change in customer mix and combined with multiple inflationary price increases, negatively impacted volumes. Margins have also been impacted by the liquidation of slow-moving stock items in the UAE and Saudi Arabia, and the change in product mix across the region. Increased expenses were driven by additional distribution and storage costs (due to higher inventory levels), and increased payroll expenses. The Food Fabrique acquisition was completed in October 2022, with a real contribution anticipated from this business in Q3 during the tourist season.

Türkiye closed the period with record revenues. Despite the high inflation environment and several food price increases, demand for consumer goods has increased. Trading through increased utility prices and high inflation was challenging, however, all businesses were profitable. New depots are now in operation in Izmir and Ankara, with new facilities in Antalya and a second premises in Istanbul planned for H2.

South America delivered a good result, in spite of market challenges, political change, and high inflation pressures across the region. Investment into growing the national footprint in each county, supported by embracing digitisation strategies, is paying off.

In Brazil, the foodservice market was stable through the second quarter, tracking a gradual revenue upward curve until mid-December which saw a sharp decline as the festive season began. Margins grew following the addition of protein to the product portfolio. Profits were pleasing, up on the prior period, commendable in light of wage increases following tough union negotiations. Integration of the recent acquisitions incurred some costs, but synergistic benefits are anticipated as new processes are bedded down. Investment in positioning a gastronomic experimental kitchen offering has commenced growing market presence and customer and supplier engagement.

Chile performed well through Q2, with revenue and trading profits improving on the first quarter. Protein product categories were still the strongest contributors, despite the significant drop in poultry volumes in Q2, as a result of a bird flu outbreak. Cross-selling in foodservice channels has strengthened margins, supported through increased use of the myBidfood platform. The two branches that were opened in the prior year, Punta Arenas and La Serena, contributed positively.

Argentina (46% equity accounted) exceeded revenue and trading profit expectations. Progress has been made in identifying further acquisition opportunities in Buenos Aires, and expanding our national footprint with a new depot in Córdoba later this year.


BidOne continues to deliver world-class ecommerce and digital solutions, embracing real-time "AI" as well as experiential learning from within the group. Significant benefit is enjoyed by those businesses embarking on their digital strategy journey. The maturity of the BidOne operations continues to develop, reflected in enhanced depth in leadership and support.

Bidfood Procurement Community (BPC) expended significant efforts to strengthen and grow supplier and customer relationships post-COVID, which are now starting to bear fruit. Despite supply chain constraints and Chinese-based COVID restrictions, BPC has again delivered a satisfactory result. The team continues to develop product categories, product knowledge and insight, researching and confirming suppliers' certifications with internationally recognised food safety accreditations.

BL Berson
Chief executive officer

DE Cleasby
Chief financial officer

Dividend declaration

In line with the group dividend policy, the directors declared an interim gross cash dividend of 440,0 cents (352,0 cents net of dividend withholding tax, where applicable) per ordinary share for the six months ended December 31  2022 to those members registered on the record date, being Friday, March 24  2023.

The dividend will be paid out of income reserves. A dividend withholding tax of 20% is applicable to all shareholders who were not exempt.

Share code: BID
ISIN: ZAE000216537
Company registration number: 1995/008615/06
Company tax reference number: 9040946841
Gross cash dividend amount per share: 440,0 cents
Net dividend amount per share: 352,0 cents
Issued shares at declaration date ('000): 335 404
Declaration date: Wednesday, February 22  2023
Last day to trade cum dividend on the JSE: Monday, March 20  2023
First trading day ex dividend on the JSE: Wednesday, March 22  2023
Record date: Friday, March 24  2023
Payment date: Monday, March 27  2023

Share certificates may not be dematerialised or rematerialised between Wednesday, March 22  2023 to Friday, March 24  2023, both days inclusive.

For and on behalf of the board

AK Biggs
Company secretary representative

February 22  2023