By Ademola Alawiye, Published: Tuesday, 4 May 2010
Cadbury Nigeria Plc has announced the commencement of the next phase of its turnaround programme.
This follows the company‘s strategy review phase that resulted in a streamlined product portfolio, overhaul of trade and distribution system, and a successful refinancing phase, that included the rights issue, and the recent liquidation of historical debts to ease interest pressure on the business. According to the spokesman of Cadbury, Mr. Kufre Ekanem, ”This next phase of our rebuilding programme aims to upscale our operations and extract more efficiencies across the business to manage the continuing cost challenges faced in our rebuilding programme. The upscaling phase includes a skills optimisation programme, which will involve a passionate focus on core competencies to ensure sustainability of our competitive edge.”
The company is also laying off over 400 of its employees, claiming that the organisational structure of Cadbury Nigeria needed to be immediately streamlined to unearth and leverage on its core strengths.The company recently submitted its audited result for the year ended December 31, 2009, which showed a decline of 55 per cent or N1.52bn from a N2.75bn loss recorded in 2008.The result also showed that turnover for the company rose slightly by 5.3 per cent or N1.29bn to N25.59bn in 2009, as against N24.30 in 2008.The company appointed Mr. Atedo Peterside as its new chairman of the board of directors a couple of weeks back.Atedo was chairman of the board of the committee on corporate governance of public companies in Nigeria published in 2003. He is also a non-executive chairman of Stanbic IBTC Bank Plc, and he serves on the boards of some blue chip organisations and companies.
Meanwhile, the company has submitted its unaudited result for the first quarter ended March 31, 2010 to the Nigerian Stock Exchange.The result showed a turnover of N6.404bn as against N5.361bn in the comparable period of 2009. Profit after tax stood at N410.6m compared with loss before tax of N650.1m in 2009.