20th November 2023 Speirs
Speirs Group’s food division is moving on prices and products to help improve profitability, says executive chairman Lee Simpson.
The salad company’s profit plummets as costs rise and there are supply shortages due to extreme weather.
“The business environment at present is tough,” says Speirs Foods executive chair Lee Simpson, warning of continuing difficult trading conditions ahead.
The salad supplier posts a hard-won improvement but changing consumer preferences and increasing costs take a toll.
The salad supplier grapples with increasing costs and conducts a review of margins to ensure acceptable returns.
Lockdowns, lower demand for bulk products, and labour costs all eat into the supermarket salad supplier’s bottom line.
Manawatu/Rangitikei-based food company Speirs Group has replaced $2.5m of redeemable preference shares set to mature in September with $2.2m of fresh RPS, with a 2025 end date.