Innscor Africa Limited (IAL) has restructured its operations as it eyes good returns for its shareholders.
BY OUR STAFF
The restructuring has seen the appointment of Antonio Fourie as its new chief executive, taking over from John Koumides who has been appointed as the group executive director corporate finance.
It has resulted in the creation of six units — light manufacture, quick service restaurants, retail, fast-moving consumable goods trading, logistics and distribution and company procurement as part of the turnaround strategy at the group.
IAL company secretary Andrew Lorimer said group finances director Julian Schonken will take up the new created role of executive director light manufacturing and Bail Dionisio who was responsible for Bakers Inn and Spar will now focus entirely on the quick service restaurants and the greater African region.
“Over the years IAL has built a strong portfolio of profitable and cash generative businesses.
Recent material changes in the environment, and the need to reignite our growth, call for changes in our structures in order to ensure the best allocation of resources relative to the task at hand and to bring about greater focus on key areas of our business,” Lorimer said.
Lorimer said Innscor’s ambition was to be sustainably successful and be a growing Pan African organisation generating strong cash flows, superior returns on equity for its shareholders and good returns for the management and staff and for the countries in which it operates.
He said Fourie was recruited to consult to the Innscor board since the beginning of the years and has been working with the IAL board, its executive committee and all group company managing directors to review and analyse the strategies and performance of all the companies and the group as a whole.
“Antonio has led the conceptualisation of strategy and accordingly, the development of an appropriate structure to effectively execute the strategy. The strategy has resulted in the group being segmented into six distinct units: light manufacture, quick service restaurants, retail, fast moving consumable goods trading logistics and distribution and commodity procurement,” Lorimer said.
He said the group was interviewing candidates for the position of finance director which was expected to be announced soon.
Innscor recorded a 54% increase in revenue to US$1 billion for the year ended June 30 2014 from US$656 million realised the previous year.
Innscor recorded an operating profit of US$80,56 million compared to US$67,4 million in the previous period.