Tag: 爱上海SH

Renshaw furloughs half its staff as Covid-19 hits sales

first_imgRenshaw and Brighter Foods owner Real Good Food (RGF) has rationalised ranges and furloughed staff as the Covid-19 outbreak impacts demand for its products.Announcing its full-year trading to 31 March, the company reported revenue had been “broadly in line with the board’s expectations”, rising 9% to £67m, but had been hit in March by the effects of coronavirus.Adjusted EBITDA rose 178% to £5.4m, thanks partly to further cuts in head office costs.Brighter Foods’ revenues were up year on year by 67%, with the business securing a new contract with a global customer, which started in January, and benefiting from continued organic growth with existing customers.However, Renshaw’s cake decorations market has come under pressure, reported RGF, with the sugar paste market down 14.7% year on year [Kantar to December 19] and marzipan down 2.1%.RGF said Renshaw was well-placed to tap growth in the frostings market following recent investment.The company reported that Covid-19 was expected to have an impact on sales in at least the first quarter of the new financial year. In terms of the sectors the business serves, it reported that:The manufacturing sector was set to maintain or grow salesThe wholesale sector had declined as the restaurant and leisure sectors closed premisesRetailers were focused on stocking ‘essential’ products and had rationalised some niche products and colours.RGF is planning production in consultation with its customers to rationalise product ranges.Demand for snack bars, Brighter Foods’ key market, has fallen as social distancing guidance impacts the food-on-the-go and forecourt sectors. The business has also been hit by challenges in the nutrition and diet sector.Within Renshaw, the business has furloughed around 140 staff across all functions for an initial period of three weeks under the government’s Coronavirus Job Retention Scheme.For remaining staff, RGF is following all government guidelines, with most back-office staff now working from home and risk assessments completed in terms of social distancing at manufacturing sites.RGF said it had a robust crisis management plan and that, when the pandemic first appeared, it reviewed its suppliers in China and sourced alternatives in Europe.“We are grateful to our staff and stakeholders as we work together through this challenging period,” said non-executive chairman Mike Holt.“The budgets we were signing off just a short time ago are now being updated to include all the measures we are taking to ensure that the group has a sustainable business going forward. We believe the food industry is resilient and that Real Good Food is well placed within the segments we serve and given the quality of our products and operations.”last_img read more

Trustees must ‘sing from same hymn sheet’ on codes of conduct

first_imgTrustees and pension fund managers have been urged to ensure they are “singing from the same hymn sheet” and draw up codes of conduct governing the receipt of gifts and how to handle placement agent fees.Howard Sherman, head of corporate governance product development at MSCI, told the current issue of IPE there was the temptation for asset managers “to do whatever it takes” to win clients.He said it was therefore important for pension trustees and management staff to know whether gifts needed to be disclosed to ensure decisions were “based on merit”.Barry Mack, partner and head of governance at Hymans Robertson, agreed with Sherman’s assessment and called for a code of conduct be drawn up for each fund. “There may already be a tacit consensus as to what constitutes appropriate behaviour, but, until something is written down, pension fund staff may actually not be all singing from the same hymn sheet,” he said.“If you’re invited to something you couldn’t afford yourself, there is clearly a risk of undue influence. Therefore, you probably shouldn’t accept it.”However, the Hymans Robertson partner added that there would be different levels of affordability depending on the pay grade of the affected employee, meaning this would need to be taken into account.Their comments come in the wake of a number of governance scandals across Europe, including most recently the resignation of Keva managing director Merja Ailus.In the wake of her resignation last year, the Finnish government published details of a new law for disclosure of potential conflicts of interest.Problems have also occurred in other countries, including in Switzerland.Michael Valentine, investment consultant at Towers Watson in Zurich, said it made sense for pension funds to check whenever there was uncertainty that their current protection was “adequate”.For more on codes of conduct, see the current issue of IPE magazinelast_img read more