South African Food Company Thrives Everywhere But at Home as Power Crisis Bites
- Disruptive power cuts limit economic growth in domestic market
- Bidcorp shares slump by the most since March 2022 after update
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Bidcorp Ltd., the South African food services company that operates in more than two dozen countries, is finding its home market tough under the strain of endless power cuts.
In a trading update for the 10 months to end-April, Bidcorp reported growth in Australasia, the UK and Europe. But its emerging-markets region presented a different picture. “Trading conditions in South Africa remain difficult” and low economic growth exacerbated by blackouts hampered performance, Johannesburg-based Bidcorp said in a statement on Tuesday.