A glowing tribute to prominent Tasmanian businessman Rob Woolley was part of growing agribusiness TasFoods Limited’s recent annual meeting.
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Mr Woolley stepped down as chairman of TasFoods and troubled baby food and formula company Bellamy’s Australia Limited earlier this year, after a bruising shareholder-driven push to roll the Bellamy’s board emerged.
Mr Woolley was a key target of the push, spearheaded by Tasmanian businesswoman Jan Cameron, of Chickenfeed and Kathmandu fame.
It followed a collapse in the Launceston-headquartered former market darling’s share price amid market difficulties.
At the TasFoods annual meeting, new chairman Tony Robinson said the board was much diminished by the resignation of Mr Woolley and another director, Hugh Robertson.
“This followed a particularly challenging period for Rob with Bellamy’s and, while I have not probed Rob on his decision to step down, I am sure it was at least in part a product of that complex situation,” Mr Robinson said.
“What I can say is that Rob has done a wonderful job laying the foundation for TasFoods and he has helped seed a business which will leverage and hopefully contribute back to Tasmania.
“I believe this is a wonderful achievement and outcome.”
Fast-growing TasFoods acquired North-West businesses Nichols Poultry for $12.74 million and Shima Wasabi for $2.77 million during 2016.
It recorded a $2.98 million after tax loss from continuing operations for calendar year 2016, while revenue shot up from $1.02 million to $15.98 million, reflecting the acquisitions.
A presentation to the annual meeting said each business unit reported sales revenue growth in 2016 (47 per cent for Meander Valley Dairy, 3 per cent for Nichols Poultry and 79 per cent for Shima Wasabi).
It predicted work done to improve the business would affect revenue in the second half of 2017.
It said the revenue growth strategy included:
- New products;
- better packaging and product sizing;
- yield improvement;
- expanded lines to existing customers; and
- new customers.
The company’s net assets increased by $29.5 million to $35.1 million during the year to December 31, due to capital raising.