Strathfield Group executive chairman Vaz Hovanessian, announced this morning that although 2009 was tough for the retailer, it is poised for growth in 2009.
According to the report issued to the Australian Securities Exchange this morning, Hovanessian said that now the administration process has passed it is expected that the retail group will be profitable once again.
“Needles to say that the last year has been a difficult one, but with the administration and the substantial distraction of management behind us, the company is poised to return to profitability, helped by its reduced debt, improved balance sheet and working capital position,” said Hovanessian.
According to Hovanessian, Strathfield will hold its annual general meeting on 26 March 2010. This was originally slated for 30 November 2009, but was delayed because of the administration process. Previous financial results for the year ended 30 June 2009 were also released, but Hovanessian said that it is not an accurate reflection of the company’s current position.
Hovanessian was thankful for the support existing suppliers provided throughout the process.
“We are grateful to our many existing suppliers who continued to trade with Strathfield and provide credit to our franchise despite the administration and the uncertain times that followed immediately thereafter,” said Hovanessian.
“As a stronger company we hope to return the favour with increased business with them in the future.”
Hovanessian said that its many new suppliers will also reap the benefits of its future success.
“We also like to specially thank our new suppliers who took the risk to trade with us soon after the administration,” said Hovanessian.
“Our future will be forged with these suppliers and as we regain our strength and market share, they will share in our future success.”