Final Results

Bidvest Group (UK) PLC (The)

01 September 2026

 

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The Bidvest Group (UK) PLC

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The Bidvest Group (UK) PLC

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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")

CONSOLIDATED FINANCIAL RESULTS AND CASH DIVIDEND DECLARATION FOR THE YEAR ENDED 30 JUNE 2026

SALIENT FEATURES

·    ZAR130.3 billion revenue, +3%

·    ZAR13.1 billion trading profit, +8%

·    Trading profit margin of 10%, up 50bps

·    ZAR17.2 billion cash generated by operations, +17%

·    ZAR12.5 billion free cash flow generated, +27%

·    ROFE 38.6%, up 170bps

·    Continuing operations HEPS 1 864.2 ZAcents, +6%

·    Continuing operations Normalised HEPS 1 997.7 ZAcents, +6%

·    Group HEPS 1 952.6 ZAcents, +4%

·    Final dividend of 483 ZAcents, +7%

Bidvest Bank and Bidvest Life continue to be reported as Discontinued Operations. Financial metrics refer to continuing operations unless specifically stated otherwise.

Executive overview

Bidvest delivered a strong performance converting the improved momentum reported at half year into accelerated full-year earnings growth. The quality of the result is evident from profitability to cash generation, with every division delivering trading profit growth. Revenue growth of 2.9%, pleasing gross margin expansion, disciplined cost control, active portfolio and product mix management and productivity gains improved profitability by 8.4% to ZAR13.1 billion. The trading profit margin expanded 50bps to 10.0%. On an organic basis, the Group delivered profit growth compared to a contraction in the prior year.

This performance reflects clear delivery against our FY2026 commitments. The Group improved organic growth momentum, materially increased cash generation, maintained capital discipline, deleveraged, and the programme to rebuild returns, remains a priority. Cash generated from operations and free cash generated excelled with increases of 16.9% (+ZAR2.5 billion to ZAR17.2 billion) and 26.9% (+ZAR2.6 billion to ZAR12.5 billion), respectively. This, together with strong treasury management, culminated in a gearing ratio of 1.9x (FY2025: 2.2x) without the planned capital recycling proceeds. Improved profitability and tighter asset management resulted in an increase in Return on Funds Employed (ROFE) whilst Return on Invested Capital (ROIC) remained ahead of the Group's weighted cost of capital.

Progress was made on our strategic initiatives. The terminal operator license for the renewed Island View 25-year port lease was signed, with two more under negotiation. To date, total capex of ZAR2.5 billion was approved to expand these country-critical bulk terminals. Incremental value and contributions were realised in the hygiene and testing, inspection and compliance (TIC) sectors through the completed integration of Citron UK into PHS, the full year contribution of Citron North America and nine-month contribution of Aquatico.

Continuing operations headline earnings per share (HEPS) and Normalised HEPS¹, a measurement used by management to assess the underlying business performance, grew by 6.0% and 5.9%, respectively.

Group basic earnings per share (EPS) increased from 1 785.5 ZAcents to 1 808.4 ZAcents, or 1.3%, the result of 4.4% growth in continuing operations EPS and a decrease in profit after tax from discontinued operations.

The Group declared a final dividend of 483 ZAcents per share, 6.6% higher year on year.

(1)       Normalised HEPS excludes acquisition costs, amortisation of acquired customer contracts and the impact of one-off taxation events,

Prospects

Bidvest enters FY2027 with positive operating momentum and a strengthened platform for sustainable growth. The Group's near-term priorities remain unchanged: accelerate organic growth, enhance cash generation, reduce leverage and rebuild returns.

We acknowledge the impact of competitive pricing and related margin pressure, energy price instability, and muted industrial demand in South Africa. The growth outlook will, however, be supported by structural demand in hygiene, TIC services, hospitality and inbound tourism. Further impetus will come from the annualisation of Aquatico, broader automotive brand representation and used-vehicle reach as well as the recent product specific uptick in industrial activity. Additional opportunities are emerging from advancement in infrastructure, logistics and port reform in South Africa and AI deployment in business process optimization and innovative solution offering continue to enhance our competitive edge. 

Currency volatility and sluggish economic activity in the UK, Ireland and Australia is expected to persist, however improved net contract win momentum, focused customer retention, greater washroom product and services penetration, sourcing efficiencies, technology and AI deployment supports our confidence in the outlook for our international operations.

The past year provided clear evidence of business momentum across all divisions, particularly in our largest businesses, and we expect this to continue.

Capital allocation will remain conservative. No material M&A is planned in the near term. Free cash flow, disposal proceeds and capital recycling will continue to be directed to reducing debt, while growth capital will be allocated to expanding country-critical port terminal capacity, mobilising new contracts and building scale in North America, with a disciplined focus on sustainable long-term returns. The Board has approved R2.5 billion growth capex in Freight. This capex relates to the construction of a second LPG terminal in the Port of Richards Bay and expanded bulk grain and liquid capacity in the Port of Durban. Construction will commence once close out conditions have been finalised.

Active engagement regarding the disposal of Bidvest Bank continues and management remains confident in successfully executing this exit.

Across the Group, Bidvest businesses are using innovation and technology to strengthen resilience, improve customer outcomes, optimise capital allocation, expand operational capacity, enhance sustainability and unlock future commercial opportunities. We also continue to build social value through broader skills development, wellness, health and sustainability initiatives, many delivered in conjunction with suppliers and customers. Our guiding principle remains unchanged: sustainable growth must create balanced value for employees, clients, suppliers, communities, economies and shareholders.

The Board remains confident in Bidvest's ability to build on the FY2026 performance. The Group has restored earnings momentum, demonstrated the cash-generative quality of its portfolio and taken decisive action to sharpen capital allocation. Our focus remains firmly on execution and on delivering sustainable long-term value for all stakeholders. 

Dividend declaration

In line with the Group dividend policy, the directors have declared a final gross cash dividend of 483.0 ZAcents (386.4 ZAcents net of dividend withholding tax, where applicable) per ordinary share for the year ended 30 June 2025 to those members registered on the record date, being Friday, 25 September 2026. 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
Company registration number:	1946/021180/06
Company tax reference number:	9550162714
Gross cash dividend amount per share (ZAcents):	483.0
Net dividend amount per share (ZAcents):	386.4
Issued shares at declaration date:	340 274 346
Declaration date:	Monday, 31 August 2026
Last day to trade cum dividend:	Monday, 21 September 2026
First day to trade ex-dividend:	Tuesday, 22 September 2026
Record date:	Friday, 25 September 2026
Payment date:	Monday, 28 September 2026

Share certificates may not be dematerialised or rematerialised between Tuesday, 22 September 2026 and Friday 25 September 2026, both days inclusive. 

Regulatory requirements

The contents of this short-form announcement are the responsibility of the Board of directors of the Group and have been prepared in compliance with the JSE Limited's Listings Requirements. These are the summarised results of the full announcement for the year and do not contain full or complete details of the financial results. Any investment decisions made by investors and/or shareholders should be based on consideration of the full announcement as a whole as the information in this announcement does not provide all the details and shareholders are encouraged to read the full announcement which is available for viewing on the Company's website (www.bidvest.co.za).

The Audited Consolidated Financial Statements have been audited by the Group's auditors, PricewaterhouseCoopers Inc, who expressed an unmodified audit opinion thereon.

The information in this announcement has been extracted from the Audited Consolidated Financial Statements. The announcement itself has not been audited by the Group's auditors and has been prepared under the supervision of the Chief Financial Officer, MJ Steyn, BCom CA (SA).

Date: 31 August 2026

Johannesburg

Board of Directors

For additional information, please contact:

Ilze Roux, Bidvest Executive: Corporate Affairs, [phone], [e-mail]

 

END