UK: Bulmers posts 26% fall in pre-tax profit
UK cider group, HP Bulmer Holdings, reported profit before tax, goodwill and exceptional items of £21.1m for the year to April 26, 2002, some 26% down on the previous year. Earnings per share before goodwill and exceptionals fell by 34.4%. Turnover at the company rose from £526.6m to £584.9m.
Group CEO, Mike Hughes, announced several key management changes to take immediate effect. Hughes himself is to assume direct executive responsibility for the UK business. Tim Furse, currently UK managing director, becomes group strategy and international director. Jon Eggleton, currently UK consumer marketing director, is to join the board as group marketing director. International director, John Harvey, has resigned from the company.
"We remain convinced of the long-term opportunity to grow the Bulmers business in selected international markets," Hughes said. "However, it is clear that adjustments to strategy are required, in terms of the balance of resources that we commit to these markets and the pace at which we can expect to realise our ambitions. The actions we have taken and the momentum in our brands gives us confidence in the long term prospects for the business."
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