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June 23, 2020

Freedom Foods CFO Campbell Nicholas quits month after profit warning

Australia's Freedom Foods Group has announced that one of its senior executives has resigned with immediate effect.

By Leonie Barrie

Australia’s Freedom Foods Group has announced that CFO and company secretary Campbell Nicholas has resigned with immediate effect.

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What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

The news, announced today (23 June) in a statement to the Australian Securities Exchange (ASX), on which the company is listed, comes less than a month after Freedom Foods said it expects full-year profits to be “materially impacted” by the Covid-19 outbreak as the crisis hit sales in the out-of-home segment.

The free-from cereals and snacks manufacturer, which also supplies fresh milk and milk drinks and plant-based beverages, said Trevor Allen, who is a non-executive director of the company, has been appointed as company secretary with immediate effect. No announcement was made about the CFO role.

In its trading update on 29 May, Freedom Foods said it expected to incur an estimated writedown of AUD25m (US$16.6m at the prevailing exchange rate) on the carrying value of inventory linked to the consolidation of the company’s “external warehousing activities, together with a detailed review of product offerings and formats”.

And the business also revealed it had made “some redundancies” as a result of the “reshaping of its commercial and organisational structures to reflect the new operational footprint”, which is based around Freedom Foods’ focus on markets in Australia, China and south-east Asia.

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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