Bidvest released a trading update yesterday, in amongst all of the goings on, being part of the consortium (with CIH) that have taken a stake in Adcock Ingram. The expectation is for earnings per share to be between 17 to 19 percent higher for the comparative six months (724.4 cents per share). So the range that we are steered towards is 847.5 to 862 cents per share. Now Mr. Market is only anticipating a ten percent increase in earnings for the full year, but that hurdle is somewhere around 1720 cents worth of earnings, so clearly there needs to be some heavy lifting in-between now and then.
The weaker Rand definitely helps their offshore businesses, at the half year stage last year, Bidvest South Africa contributed 44.25 percent of group revenues. Amazing, whilst we view this company as a South African one, the revenues tell a different story. Results are expected at the end of the month, February the 27th to be precise.