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Blackmores' China remedy will take time before profit health improves

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Marcus Blackmore is disarmingly frank when it comes to admitting the mistakes vitamin maker Blackmores has made. It wouldn’t have been easy to explain Tuesday’s announcement that the company, in which he has a 23 per cent stake and is running on an interim basis, sustained a 43 per cent fall in third quarter profit against the same period last year.

“It’s fair to say we haven’t met expectations for some time now," Blackmore said after releasing the result that left investors a bit shell shocked and initially pushed the company’s share price down almost 7 per cent.

Marcus Blackmore is confident about finding a new chief executive.Credit:Louie Douvis

Blackmore is not suggesting the company can’t retrace the losses and regain growth momentum, but he isn’t making any promises on when this will happen nor is he applying spin to the challenges the company faces.

The outlook statement remains conservative. Blackmores said it was anticipating modest full-year revenue growth while second-half profit performance was not expected to be ahead of the first half.

Signs of the size of the problem that Blackmores has with........

© Brisbane Times