Bidvest plc

First Quarter Result for the quarter ended 30 September 2001

Bidvest plc is a 80.8% held subsidiary of The Bidvest Group Limited. Bidvest
plc is listed on the Luxembourg and Australian Stock Exchanges with a market
capitalisation of approximately GBP231 million.  Bidvest plc comprises 3663
First for Foodservice (United Kingdom), Bidvest Australia and Crean

Foodservice (New Zealand).  Bidvest plc's strategy to create shareholder
value is to become an integrated, international foodservice distributor,
supplying value added products and services to the foodservice, hospitality
and leisure markets worldwide.

*    Turnover                       GBP322 million            +28%

*    Operating income               GBP7.5 million            +23%

*    Headline Earnings              GBP5.3 million            +18%

*    Headline earnings per share    2.71p                     +18%
Brian Joffe, Chairman of Bidvest plc, commented:

"The Bidvest plc management team continues to impress and has delivered a
very good performance despite the current difficult trading environment. In
the light of world events forecasting has become more unpredictable. Bidvest
plc remains optimistic that it should be able to deliver above average
returns."
8 November 2001
Enquiries:
Bidvest plc

Brian Joffe, Chairman                       Tel:  + 27 (0) 11 481 4129
Jack Hochfeld, Group Corporate Finance      Tel:  + 27 (0) 11 481 4103
College Hill Johannesburg                   Tel:  + 27 (0) 11 447 3030
Nick Elwes
Robyn Hunt
Bidvest plc

First Quarter Result for the quarter ended 30 September 2001
Financial Review

Bidvest plc is pleased to announce satisfactory results for the quarter
under review, which has been achieved against a background of subdued global
trading conditions.  Turnover increased by 28% to GBP322 million, with
operating income improving by 23% to GBP7.5 million.  Headline earnings were
up 18% to GBP5.3 million with earnings per share also increasing by 18% to
2.71p.
Operational Review

In the United Kingdom 3663 First for Foodservice has made a very encouraging
start to the year in challenging market conditions. All divisions have
traded in line with budget expectations, achieving improvements over the
prior year. The growth in wholesale sales reflects the impact of new

national accounts business, and excellent independent sales growth in both
Multitemp and Frozen. There has been a balanced impact on operating margins.
All growth recorded was organic.

The quarter in Australia was marked by the acquisition of John Lewis, and
the rationalisation and integration of this business into Bidvest Australia.
Substantial progress has been made, but the full benefits of the integration
will only be realised over a period of time. Bidvest Australia expects to
continue improving profitability, through organic growth, the successful
integration of John Lewis and a focus on expenditure control.

Crean Foodservice has performed well enjoying strong organic growth.
Prospects

In the light of world events forecasting has become more unpredictable.
Bidvest plc remains optimistic that it should be able to deliver above
average returns. Bidvest plc is well positioned to take advantage of

suitable international foodservice acquisition opportunities.
BIDVest plc
RESULTS FOR THE QUARTER ENDED SEPTEMBER 30  2001
Operating income                         +23%
Headline earnings                        +18%
Headline earnings per share              +18%
Dividend per share                       +237%
CONSOLIDATED INCOME STATEMENT

GBP000's           Quarter ended Quarter      Year ended Change on

                                ended                    last year

                   30/09/2001    30/09/2001   30/06/2001

                   Unaudited     Unaudited     Audited

Turnover           321,611       251,288      1,018,405  +28%

  United Kingdom   144,908       121,494      503,224    19%
- trading

  - logistics      104,105       92,253       352,565    13%

  Australasia      72,598        37,541       162,616    93%

Operating income   7,468         6,086        24,186     +23%

  United Kingdom   5,894         5,178        19,926     14%

  Australasia      1,574         908          4,260      73%
Net finance income (125)         (50)         345
(expense)

Income before      7,343         6,036        24,531     +

taxation                                                22%

Taxation           (2,029)       (1,548)      (6,460)

Headline earnings  5,314         4,488        18,071     +

                                                        18%

Goodwill           (311)          -           (282)
amortisation

Income             5,003         4,488        17,789     +

attributable to                                         11%
shareholders

Number of shares   196,415       196,097      196,282
in issue (weighted
000)
Headline earnings
per share

   British pence   2.71          2.29         9.06       18%

   Australian      7.71          5.98         24.69      29%
cents
+ Translated at the rate at the end of the year
CONSOLIDATED CASH FLOW
STATEMENT

GBP000's                 Quarter       Quarter        Year ended
                        ended         ended

                         September 30  September 30   June 30 2001
                        2001          2000

                         Unaudited     Unaudited      Audited

Cash flow from          (9,099)       2,554          41,461
operating activities

Cash generated by       (4,838)       6,491          49,424
operations

Net finance income      (125)         (50)           345
(expense)

Taxation paid           (761)         (1,224)        (2,655)

Dividends paid          (3,375)       (2,663)        (5,653)

Cash effects of         (27,975)      (7,226)        (27,021)
investment activities

Fixed asset additions   (3,098)       (7,187)        (15,971)

Proceeds on disposal of 52            56             212
fixed assets

Acquisition of          (24,929)      (95)           (11,262)
businesses

Cash effects of         527           (926)          5,510
financing activities

Proceeds from share      -            2              224
issues

Interest bearing debt   527           (928)          5,286
raised (repaid)

Cash (outflow)          (36,547)      (5,598)        19,950
CHANGE IN REPORTING CURRENCY

The figures presented in this report have been stated in pounds sterling.
Prior to March 31  2000  results have been presented in US dollars.  The
Company considers that pounds sterling better reflect the economic results
of the Group as this is the main functional currency.
+ ADJUSTMENT TO BASIS OF ACCOUNTING

In accordance with recently amended South African Generally Accepted

Accounting Practice, the Group has now changed its accounting policy with
regard to depreciation of freehold land and buildings.  The Group now
depreciates freehold land and buildings over the useful life of the

properties.  Previously the properties were carried at revalued cost.  The
change of accounting policy has been reflected by a prior period adjustment.
The impact on the period has been a depreciation expense of GBP80,000 (2000:
GBP78,000).  The adjustment made to the balance sheet previously reported as
at June 30  2001, is to decrease fixed assets by GBP421,000, increase
goodwill written off to reserves by GBP28,000, increase the revaluation
reserve by GBP211,000, increase exchange reserves by GBP24,000 and decrease
retained profits by GBP628,000
BIDVest plc
CONSOLIDATED
BALANCE SHEET

GBP000's            September 30  September    June 30

                   2001          30  2000     2001

                    Unaudited     Unaudited    Audited
 ASSETS

 Non current       92,648        67,501       94,630
assets

 Fixed assets      71,725        67,064       73,285

 Intangible assets 20,366        114          20,676
 Investments and   557           323          669
net deferred tax
CURRENT ASSETS

 Current assets    216,882       181,634      226,040

       Current     194,390       147,668      167,758
assets

       Liquid      22,492        33,966       58,282
funds

 Total assets      309,530       249,135      320,670
 EQUITY AND
LIABILITIES
 Capital and
reserves

 Equity            92,124        79,958       91,086

 Current           217,406       169,177      229,584
liabilities

       Liabilities 189,071       147,584      201,777

       Interest    28,335        21,593       27,807
bearing debt

 Total equity and  309,530       249,135      320,670
liabilities

Number of shares   196,415       196,099      196,415
in issue (000)
Net asset value
per share

   British pence   46.90         40.77        46.37

   Australian      139.68        111.32       128.35
cents
STATEMENT OF CHANGES IN SHAREHOLDERS' INTEREST
GBP000's

                    Quarter       Quarter      Year ended
                   ended         ended

                    September 30  September    June 30

                   2001          30  2000     2001

                    Unaudited     Unaudited    Audited

Shareholders'      91,086        80,477       80,477
interest at the
beginning of the
period
Share capital       -             -           9
issued for cash
   - share option   -             -           9
plan
Share premium       -            2            215
   - share option   -            2            215
plan

Non-distributable  (468)         (1,630)      (1,036)
reserves

Distributable      1,506         1,109        11,421
reserve

   - income for    5,003         4,488        17,789
period

 - prior year       -            (326)        (326)
adjustment -
depreciation of
buildings

   - dividend      (3,497)       (2,824)      (5,652)

   - goodwill       -            (229)        (390)
written off

Shareholders'      92,124        79,958       91,086
interest at the
end of the period
BIDVest plc
COMMENT

Bidvest plc is pleased to announce satisfactory results for the first
quarter. Operating profit increased by 23% to GBP 7.5 million and headline
eanrnings increased by 18% to GBP 5.3 million.  This result has been

achieved despite the background of subdued global trading conditions.
Earnings per share have increased by 18% over last year
United Kingdom

3663 First For Foodservice has had an encouraging quarter against the
backdrop of challenging market conditions.  Turnover growth largely reflects
the new national business won, but there have been strong independent sales
gains too, leading to a balanced impact on operating margins.
OPERATIONS

Bidvest plc is an investment holding company listed on the Luxembourg and
Australian stock exchanges. The strategy of the Group is to be invested in
distribution, trading and service businesses supplying the foodservice,
hospitality and leisure markets.  Bidvest plc comprises 3663 First for
Foodservice (United Kingdom), Bidvest Australia (Australia) and Crean
Foodservice (New Zealand).
United Kingdom

The result for the first quarter of the year represents a creditable

achievement given the slightly weakened market conditions experienced in the
period.  Last year's results also included an additional week's trading, due
to the way the June 30  1999 year end fell. The trading division continued
to focus on cost control in order to further increase operating margins.
The investment in the new dedicated frozen products' sales force is

beginning to produce some encouraging results in the independent customer
sector, whilst the impact on national accounts sales will take a little
longer. Turnover in the logistics division shows a substantial fall in the
current quarter due to the move to contracts based on dedicated resource
allocation in the third quarter of the last financial year.  Although this
change had an adverse effect on this quarter's results compared to last
year, management are confident that it will have a positive impact on
profits.
Australasia

Bidvest Australia enjoyed good organic growth in the period. Substantial
progress was made integrating and amalgamating the John Lewis Foodservice
business, acquired in June 2001.  However, the full benefits of the

acquisition still have to be realised.  Our New Zealand business has enjoyed
strong organic growth as we obtain the benefits of our national expansion in
the prior year. In appreciating the results of Bidvest Australasia,

cognisance should be taken of the approximate 9% devaluation of the

Australian dollar average exchange rate against sterling.
Depreciation

South African Generally Accepted Accounting Practice has now changed to
accord with International Accounting Standards with regard to depreciation
of freehold land and buildings.  Consequently the Group now depreciates
freehold buildings over the useful life of the properties.  The prior year
figures have been restated to reflect this change.
PROSPECTS

In light of world events, forecasting has become more unpredictable.  The
Group remains optimistic that it should be able to continue to deliver above
average returns.
DIVIDENDS

A dividend of 2.16 US cents which, for shareholders on the Australian
register will be 3.69 AU cents per share, has been declared to shareholders
registered in the books of the Company at the close of business on September
8  2000. Dividend cheques will be posted on or about September 15  2000.
For and on behalf of the board
B.Joffe                               P.J.Wentzel
Chairman                              Director
November 8  2001

DIRECTORS: B Joffe  (Chairman)    F J Barnes    B L Berson    K H Bielby
M Chipkin    E M Cowley*    A Fisher    C H Kretzmann    P Nyman*    J L
Pamensky*    T H Reitman*    D K Rosevear*    A Selley    P J Wentzel*
*Non-executive
TRANSFER SECRETARIES:

Bid Corporate Services (IOM) Limited, Murdoch Chambers, Douglas Head Road
Douglas, Isle of Man, IM1 5AS Computershare Limited, Level 3, 60 Carrington
Street, Sydney, NSW   1115 Australia
ADMINISTRATION AND REGISTERED OFFICE:

Murdoch Chambers, Douglas Head Road, South Quay Douglas, Isle of Man, IM1
5AS
REGISTRATION NUMBER: 92157C
URL: www.bidvest.com / homeplc.htm