TIDM51NI
RNS Number : 1906L
Bidvest Group (UK) PLC (The)
04 September 2023
Tickers: 52AX, 51NI
The Bidvest Group (UK) PLC
3.625% SNR NTS 23/09/26
The Bidvest Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1946/021180/06)
Share code: BVT SJ
ISIN ZAE000117321
("Bidvest" or the "Company" or "guarantor")
AUDITED FINANCIAL RESULTS AND CASH DIVIDEND DECLARATION FOR THE YEAR ENDED 30 JUNE 2023
SALIENT FEATURES
ZAR114.9 billion revenue, +15.0%
ZAR11.4 billion trading profit, +17.6%
ZAR12.2 billion cash generated by operations
ROFE 38.3%
Basic EPS 1 757.3 cents, +17.8%
HEPS 1 794.8 cents, +24.5%
Normalised HEPS 1 884.7 cents, +17.7%
Final dividend of 439 cents, + 20.6%
Introduction
Bidvest's second six-month period improved on an already
impressive interim performance, delivering a commendable result for
the 2023 financial year. The second half's trading profit growth
accelerated to 21.0%. Cash generated from operations for the last
six months totalled ZAR10.4 billion, which is a third higher
year-on-year, as capital discipline remained a core focus.
The Group delivered excellent organic growth led by exponential
demand in renewable energy products as well as travel and tourism
services. The recovery in Financial Services exceeded expectations.
Services South Africa breached the billion rand mark and Freight
delivered trading profit exceeding ZAR2.0 billion, double its
contribution a mere three years ago .
Financial overview
Seven divisions reported double-digit trading profit growth, off
already high bases. This is commendable considering the weak and
volatile macro backdrop.
Margin management was a key focus area during FY2023, given
unprecedented and persistent inflation, particularly in our
international geographies, together with record wage inflation and
the additional cost of doing business caused by loadshedding and
unreliable rail services in South Africa. The trading profit margin
improved by 22bps to 10.0% despite a slight contraction in gross
margin (100bps to 29.0%) as operating expenses were well
controlled.
HEPS and Normalised HEPS(1) , a measurement used by management
to assess the underlying business performance, grew by 24.5% and
17.7%, respectively. Return on Funds Employed (ROFE) improved
further from 37.6% to 38.3%. Return on Invested Capital (ROIC) of
17.3% compares to 17.1% in the prior year. Despite higher interest
rates, this remains well above the Group's weighted cost of
capital.
Group NAV per share grew from ZAR83.46 in the prior period to
ZAR97.07 as at 30 June 2023.
(1) Normalised HEPS, which excludes acquisition costs and
amortisation of acquired customer contracts, is a measurement
management uses to assess the underlying business performance
Prospects
Notwithstanding various macro factors, and in true Bidvest
spirit, we will find the pockets of opportunity while protecting
our base, not in isolation, or at the expense of, but in
collaboration with our employees, social partners and broader
business.
Bidvest stands tall with many other corporates, in our
commitment and support to remove obstacles hindering growth in
South Africa.
We are expecting robust activity in key sectors like renewable
energy (albeit not at the frenetic pace seen this year), mining,
agriculture, tourism and basic infrastructure while at the same
time alert to the pressure in discretionary spend and heightened
competition. Our optimism for Bidvest's ongoing growth remains
intact. Entrenched disciplines in cash generation and margin
management positions our businesses favourably. The Group's
acquisition pipeline is exciting and readily executable .
Dividend declaration
In line with the Group dividend policy, the directors have
declared a final gross cash dividend of 439.00000 cents (351.20000
cents net of dividend withholding tax, where applicable) per
ordinary share for the year ended 30 June 2023 to those members
registered on the record date, being Friday, 29 September 2023. The
dividend has been declared from income reserves. A dividend
withholding tax of 20% will be applicable to all shareholders who
are not exempt.
Share code: BVT
ISIN: ZAE000117321
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Company registration number: 1946/021180/06
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Company tax reference number: 9550162714
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Gross cash dividend amount per share 439.00000
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Net dividend amount per share 351.20000
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Issued shares at declaration date: 340 274 346
---------------------------
Declaration date Monday, 4 September 2023
---------------------------
Last day to trade cum dividend Tuesday, 26 September 2023
---------------------------
First day to trade ex-dividend Wednesday, 27 September
2023
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Record date Friday, 29 September 2023
---------------------------
Payment date Monday, 2 October 2023
---------------------------
Share certificates may not be dematerialised or rematerialised
between Wednesday 27 September 2023 and Friday 29 September 2023,
both days inclusive.
Audit opinion and regulatory requirements
The auditors, PricewaterhouseCoopers Inc., have issued their
unmodified audit opinion on the consolidated financial statements
for the year ended 30 June 2023. The audit was conducted in
accordance with International Standards on Auditing.
A copy of the auditor's report together with a copy of the
audited consolidated financial statements are available on the
company's website (www.bidvest.co.za) and the following link:
Any investment decisions made by investors and/or shareholders
should be based on consideration of the audited consolidated
financial statements.
Date: 4 September 2023
Johannesburg
Board of Directors
For additional information, please contact:
Ilze Roux, Bidvest Executive: Corporate Affairs, +27 11 772
8745, ilze.roux@bidvest.co.za
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