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Restructuring to knock Bidvest

Aug 12 2009 11:21

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Johannesburg - South African industrial conglomerate Bidvest Group Ltd expects full-year headline EPS to fall partly due to one-off costs from the restructuring of its motor retail and food units, it said on Wednesday.

Bidvest, one of South Africa's largest companies by revenue, said it expects headline and basic earnings per share for the year to end June to be between 12-14 percent lower than the previous corresponding period.

The firm said in March trading in the second half of the year would remain difficult as it closed or reorganised underperforming parts of its South African motor retail, UK-based food services and British logistics businesses.

Bidvest shares were 1.26 percent lower at 106.01 rand by 0723 GMT, slightly behind a 1.19 percent weaker JSE All-Share index.

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