Albert Fisher set for pounds 40m sell-off
Friday 23 April 1999
Reporting increased first-half losses of pounds 53m after pounds 56m of exceptional charges, Terry Robinson, chief executive, said Albert Fisher would slim down to focus on four divisions where it is either number one or two in growth markets. These are chilled cut lettuce, chilled cut fruit, chilled fish and frozen green vegetables.
At least eight other businesses will be sold, including several seafood businesses, a chilled salad business and the group's stake in the Freshpoint produce distribution operation in the US.
The expected pounds 40m proceeds will be used to reduce debts, which stood at pounds 165m at the interim stage. Mr Robinson, who saw a non-executive director quit over disagreements on strategy in January, is also planning to cut costs and beef up management.
The problem with Albert Fisher is that a company with over pounds 1.2bn of annual sales has operating profits of just pounds 6m and a market value of pounds 6m.
Going forward, the plan is to try to boost operating margins to 5 to 6 per cent within 18 months; an admirable aim, but achieving it has eluded a series of management teams.
At just 5p the shares are completely bombed out and as an investment represent a bold, all-or-nothing bet. Investec Henderson Crosthwaite is looking for pre-exceptional profits of pounds 11.5m in the full year, although these are likely to be marred by further write-offs. The shares are a recovery play, say analysts, albeit a risky one.
- 1 Isis 'jihadi bride' claims forced sex with Yazidi girls is never rape because Koran condones it
- 2 Art Garfunkel calls Paul Simon a 'monster' with a Napoleon complex
- 3 Woman accidentally shoots herself in the head while posing for a selfie
- 4 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
- 5 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
Isis 'jihadi bride' claims forced sex with Yazidi girls is never rape because Koran condones it
Woman accidentally shoots herself in the head while posing for a selfie
Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...