Bidcorp beats hospitality blues
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Bid Corporation Ltd (Bidcorp) reported on Tuesday a decline of 46.2% in half-year earnings, as Covid-19 curbs hammer the hospitality, tourism and leisure industries due to a second wave of infections in some areas.
Bidcorp’s performance started well as most regions, particularly in Europe and Britain, emerged from the worst of the first wave of infections, with a positive financial performance through July and August, the South African food services company said.
This, however, started deteriorating into September in the northern hemisphere and worsened into the second quarter of its half-year ended December, with Europe and Britain firmly in the grip of the harsh second wave and lockdowns.
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The opening paragraph of the presentation accompanying Bidcorp’s interim results for the six months to December is just about word for word the same as the first paragraph of its results when the diversified food supply and catering group announced its annual numbers some six months ago.
In each instance, management told shareholders that their company had performed relatively well in difficult circumstances. âBidcorp has delivered a commendable result for the half year against a backdrop of the catastrophic economic and social consequences of the ongoing Covid-19 pandemic on the hospitality, tourism and leisure industries globally,â management reported on Tuesday morning.