IBL faces tough times as half year profits fall; CEO Nicolas Maigrot resigns
From left to right: Nicolas Maigrot, CEO of IBL, Arnaud Lagesse, Chairman of IBL and Dipak Chummun, CFO IBL.
Mauritius’ fisheries major Ireland Blyth Ltd (IBL) is facing challenging times as its half year profitability is down by 19% to Rs 352 million, even as long-standing CEO Nicolas Maigrot has resigned with effect from June 15, 2015.
Besides, revenues for the half year to 31 December 2014 were down 5.4% to Rs 9.71 billion, as the mainstay seafood and marine sector saw segmental sales fall 15% to Rs 2.5 billion from Rs 2.9 billion a year-ago. The other segment which failed to perform was engineering with revenues of Rs 1.36 billion, down 21% compared to Rs 1.74 billion in the year-ago period.
The company noted in its quarterly results announcement that reduced profit from the mainstay seafood and marine sector has impacted group profits for the 6 months ended 31 December 2014. Profits before tax were down 19% to Rs 352 million while attributable earning stood at Rs 232 million, down 20% compared to Rs 291 million last year.
The company noted however that other sectors continued to show resilience with commerce and retail sectors displaying growth and strong positive momentum. Besides, the group has also reduced its gearing ratio compared to last year, in a successful attempt at controlling debt levels.
On future outlook, the directors noted that the group is observing positive signals and anticipates a rebound in market sentiment and level of activity in the general economy.
The results announcement concluded on the positive note that the impending merger with Princes Tuna (Mauritius) Limited is also expected to create synergies and drive a stronger balance sheet.
The Chief Executive Officer of Ireland Blyth Limited (IBL), Nicolas Maigrot, announced today that he would be resigning from the Board of Directors of the company as on June 15, 2015.
Following this decision, the board of directors has appointed an international recruitment agency to find his replacement.
Having been the CEO of IBL since January 1st, 2011, Nicolas Maigrot has now decided on a shift in his career path.
“A new career opportunity has been offered to me and I have decided to seize it,” said Nicolas Maigrot.
“Before my departure, and with the full support of the Board of Directors and IBL’s senior management team, everything is being done to ensure business as usual and to prepare for the transition,” he declared.
The Board of directors of IBL, under the leadership of Arnaud Lagesse, Chairman of IBL, repeats its trust in Nicolas Maigrot.
The board encourages the management team of the Group to continue to work toward the success of the current projects.
“We respect the decision of Nicolas to turn to new challenges,” Arnaud Lagesse said.
“Now we need to recruit a new Chief Executive Officer, which is why we have contacted an International recruitment Agency and have opened the applications to both national and international candidates,” he added.
“In the meantime, the board of Directors and Nicolas Maigrot, together with the entire management team, will work in close collaboration to ensure a smooth transition, and for that we know that we can rely on the rock-solid IBL team,” he concluded.
About Ireland Blyth Limited:
Ireland Blyth Limited (IBL) is one of the largest business groups in Mauritius. It was incorporated in 1972 after the merger of two leading companies, Blyth Brothers and Ireland Fraser, which had been trading in Mauritius since the early 19th Century.
In 1994, IBL became a public company and was admitted to the Official List of the Stock Exchange of Mauritius. The Group is a 100% Mauritian entity and employs more than 7000 people.
The IBL Group operates in six main sectors of the economy: Commerce, Engineering, Financial Services, Logistics, Aviation & Shipping, Retail, Seafood & Marine.
This diverse portfolio, coupled with strong partnerships with a number of large international companies, sound strategic choices and competent management, has ensured the growth and development of IBL into one of the largest groups in the business private sector.