Further to the trading statement that was recently issued regarding the challenges the business is facing, it is important to note that work is far advanced regarding a number of priority areas that have been identified to turn around the business.
These areas include streamlining the operations, rationalising where appropriate and improving business performance and accountability. These matters are receiving the urgent attention of the Board and leadership.
The identification of these priority areas follows a comprehensive strategic and financial review initiated in February following my appointment as CEO and that of Rob Aitken as CFO. The review was deemed urgent to stabilise the company, address debt levels and put the company on a path towards acceptable shareholder returns.
During the course of the strategic and financial review, it became clear that that the business is facing more challenges and operational performance has continued to decline. As a result, Tongaat Hulett provided both a trading update and trading statement to the market.
The company will outline further details of the review with the release of the final results, scheduled for May 2019.