From AFR....
New chief executive Emma Shand said she planned to cut costs within the company’s control by 10 to 15 per cent. The full effect of the cuts won’t hit the business until 2025, she said, because of extra investments required by British and Irish authorities to improve compliance with their laws.
The company forecast operating profit of $26 million to $34 million this financial year.
“We have a three-to-five-year plan to transform this business,” Ms Shand told the meeting. “It will be fundamentally different.”
There are two clear statements from the CEO which would scare the bejesus out of me if I was a holder!
Cost cuts won't see full effect until 2025!! What?!?
3 to 5 year plan to transform the business!! Sorry, how long?!?
They have done well to get a relief rally out of statements like that.
Ann: Chairman and CEO AGM Presentation Slides, page-30
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