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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Bid Corporation
Bid Corporation (BID) investor relations material
Bid Corporation Trading update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Trading update summary10 Nov, 2026
Trading performance
For the four months to October 2026, revenue grew 2.4% in constant currency (CC), fell 4.3% in rand, and was reduced 7.7% by currency translation; growth reflected real volumes and negligible food inflation.
Trading profit rose 8.2% CC and 1.6% in rand; HEPS increased ~10.0% CC and 3.2% in rand.
Conditions tightened as the period progressed amid subdued consumer spending, higher energy and fuel costs, geopolitical uncertainty and weakening economic growth.
Gross profit percentage improved to ~25.0% from 24.0%, supported by portfolio choices, sourcing and vertical integration; cost of doing business rose to 19.1% of net revenue from 18.5% amid higher diesel, energy and labour costs.
EBITDA margin before IFRS 16 improved to 6.6% from 6.1%; the estimated clean tax rate was 27.0%, at the high end of guidance.
Regional performance
Australasia revenue grew 4.5% and trading profit 6% CC; Australia continued to improve, while New Zealand started F2027 positively with improved efficiency, added capacity and the Pacific Islands acquisition.
UK revenue grew 3% and trading profit increased >10% CC; core Bidfood gained share, while CFBG remained affected by weak hospitality demand.
Europe revenue rose ~2% and trading profit 6% CC; food deflation was ~1% through September. Eastern Europe and Italy recorded good profit growth, while Spain and Portugal focused on building scale.
Emerging Markets revenue was flat and trading profit rose 14% CC; South Africa maintained momentum, Singapore continued its recovery, Middle East volumes rebounded and Greater China remained challenging.
Financial performance
Q1 F2027 average working capital days were ~9, two days better YoY; working capital was well managed and within expectations.
Net capital investment, including acquisitions, was ~R1.3bn to September, R1.3bn below the prior period; free cash outflow was in line with the comparative period.
Free cash flow was similar to the prior period, and the balance sheet remained conservatively geared with substantial liquidity headroom.
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Latest events from Bid Corporation
- Record trading margin of 5.7% and robust cash generation drive strong returns.BID
H2 2026 - Remuneration and ESG metrics updated, with strong governance and emission reduction progress.BIDStatus Update
- Remuneration and ESG policies updated, with ROFE as core metric and enhanced disclosure planned.BIDStatus Update
- Strong revenue and profit growth, resilient margins, and robust cash flow support a positive outlook.BIDTrading update
- Revenue and profit rose over 8%, with a higher dividend and four acquisitions completed.BIDH1 2026
- Earnings and revenue rose, margins improved, and outlook remains positive amid global challenges.BIDH2 2025
- Record revenue and 10% trading profit growth amid tough global conditions.BIDQ1 2025 TU
- Revenue and HEPS rose, trading margin hit a record, and growth is planned amid uncertainty.BIDH2 2024
- Revenue and trading profit up, margin gains and acquisitions support growth.BIDQ2 2025
Next Bid Corporation earnings date
Q1 202717 Nov, 2026
Bid Corporation
Next Bid Corporation earnings date
Q1 202717 Nov, 2026
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Frequently asked questions
Bid Corporation Limited, commonly known as Bidcorp, is a South Africa-based international foodservice group. The company is engaged in the distribution and supply of food and related products to the hospitality, institutional, catering, and retail sectors. Its operations include a wide range of foodservice offerings, such as fresh, frozen, ambient, and non-food items, across multiple international markets. Bidcorp operates through decentralized businesses in regions including Europe, the UK, Australasia, and emerging markets. The company is headquartered in Johannesburg, South Africa, and its shares are listed on the JSE.