Issue 41: Creightons, PLC Update
A turning point for the UK-based beauty products company; Subscriber meetup 9/20 at 11AM Eastern
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Disclosure: Long CRL (LSE)
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UK-based Creightons, PLC reported results for their fiscal year ended March 31, 2024.
The Quick Summary
The Board chose Pippa Clark (head of sales/marketing) to succeed Bernard Johnson as Managing Director (CEO). Longtime Chairman, William McIlroy stepped down from his role and significantly reduced his holdings. Other positions turned over, too.
Management shrunk the business to adapt to lower sales volumes, including bringing certain functions in-house and eliminating a shift.
The reduced topline reversed economies of scale leading to lower margins, although certain actions have created a leaner organization
The business remains profitable on a core basis but lost money after a £4.5MM charge against the value of its Emma Hardie subsidiary (acquired in July 2021).
H2 results were better than H1 indicating a possible positive reversal of fortunes.
Shares trade at 30p or about a £23MM market cap
Operating Results
Digging deeper reveals some important figures and considerations, including changes to the product lineup.
