| Mon 17 Nov 2008, 13:47 | | BVT - Bidvest - Statement following the Bidvest Annual General Meeting |
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BVT
BVT
BVT - Bidvest - Statement following the Bidvest Annual General Meeting
The Bidvest Group Limited
Incorporated in the Republic of South Africa
(Registration number 1946/021180/06)
Share code: BVT
ISIN: ZAE000117321
("Bidvest" or "the Group")
Statement following the Bidvest Annual General Meeting
At the Bidvest Annual General Meeting held on November 17 2008, the Chief
Executive of Bidvest, Brian Joffe, informed shareholders of the following
regarding the Group`s performance for the four month period ended October 31
2008:
- Most divisions within the Group, other than Bid Auto, the Group`s
automotive division, and 3663 First for Foodservice ("3663"), the Group`s
operations in the United Kingdom, have for the period to October achieved
positive double digit trading profit growth;
- Bid Auto and, to a lesser extent 3663, have achieved negative growth for
the same period. Bid Auto has been negatively affected by, inter alia,
tight credit markets, poor retail sales and difficult conditions in the
automotive industry in general. The second hand car market has, however,
recently shown signs of improvement, which should impact positively on Bid
Auto in the period ahead. 3663 has been negatively affected by the global
financial crisis and its impact on demand. 3663`s results for October 2008
were relatively better than the period July through September 2008;
- Based on our current assessment of the economy and provided we achieve
reasonable results in November and December, overall the Group should
achieve modest positive growth for the six month period ending December 31
2008;
- Bidvest`s management continue to be committed to achieving solid results by
driving the Group`s trading performance with particular focus on, inter
alia, limiting the funds employed within the Group.
This statement has not been reviewed or reported on by Bidvest`s external
auditors.
By order of the board
November 17 2008
Sponsors:
Investec Bank Limited
Date: 17/11/2008 13:47:08 Produced by the JSE SENS Department.
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