No, you wouldn't want to spin it out; the HLG management/oversight is a big part of Glassons Ausralia's success.
I bought a few more HLG this week. "Buy straw hats in winter."
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HLG online sales have grown from $21m in 2017 to currently being $84m - 41% pa growth
Store sales have grown at 5% pa in same period (Group sales grown at 10% pa)
Group sales are now $112m higher than F17 - interestingly $40m of that growth cane in F18 when Di sorted out Glassons (particularly in OZ) and then after pretty flat F19 and F20 we saw F21 sales grow by $63m (some catch up boosted by Glassons AU doing well)
Interesting to see how channels work together - see table. Online picked up a lot of store sales H220 when widespread lockdowns but then stores were busy Feb/July this year
Last year we got excited - for F21 the first eight weeks of the new financial year have seen Group sales grow +10.71% on the prior year,
This year a bit glum - F22 - The first eight weeks of the new financial year have seen Group sales decline -18.90% on the prior year
Big turnaround with this years 8 weeks sales probably only about $40m - levels not seen since 2018
Hope it all comes right pretty quick as the 'adverse impact on profitability' might be worse than anticipated
Interesting comments from Chartered Accountant head guy -
Accountants say companies should think about the ethics of accepting money they don't need.
Vial says employers should reflect on their ethical responsibilities in this situation, and view the wage subsidy in the spirit in which it’s intended.
“It’s not only about purely legal eligibility. There’s meeting legal requirements, but then there’s doing the right thing.”
https://www.newsroom.co.nz/podcast-t...p-insolvencies
Did he mention anything about the ethics of the government paying Trevor Mallard's $300k+ legal bills for stabbing an innocent man in the back?
Or spending $51m on the Auckland Cycle bridge to then scrapped it?
Or $100m to fix maraes to create 3000 jobs but only created 150?
We are off topic by a lat and long..
did the auditor general do a report?
Firm I worked for in the late 1980's and early 1990's was headed by the former president of the Institute of Chartered Accountants.
Likeable guy, good Catholic...not very smart when it came to investments.
What many may not know is that investment analysis is not part of the core curriculum of a Bachelor of Commerce degree even if some mangy mutt that was never interested in social climbing took it as an optional high level paper, thoroughly enjoyed and excelled at it with an A pass. Most interesting and useful optional paper taught at the Commerce department at Auckland Uni by a LONG way....so good its worth putting up with all the far more boring lower level studies just to partake.
Whatever the investment skills of this new person is, (if any), he certainly does not speak for all accountants and would be far better off keeping his loud mouth closed. Does accounting training make one an expert on ethics ? (That's a rhetorical question in case it isn't obvious).
I remain very comfortable with how HLG are handling this but I am far less comfortable with companies taking very expensive ESG stands on issues that make the company bleed cash in very uncertain times, (WHS who cowered and caved in when Spindy frowned on them and are so scared to be off side with her and her legions of woke colleagues and supporters they're not even taking the subsidy this time despite burning cash hand over fist).