CEO Appointment and Corporate Costs Reduction

Highlights:

  • SECOS appoints international polymer executive and change manager, Ian Stacey, as CEO
  • Corporate costs review achieves $0.8 million in fixed overhead savings
  • New structure enhances support for business units and SECOS’ key customers • Business progress on track for stronger second half resulting from the completion of first half restructuring initiatives

SECOS completes strategic review, resolves to cease its Australian film manufacturing operations

Highlights:

  • Following completion of its strategic review into its wholly owned subsidiary Stellar Films Australia (SFA), SECOS will commence the orderly cessation of its Australian film manufacturing operations.
  • The Company expects to achieve significant operating and overhead cost savings through transferring SFA customers to its Malaysian operations. Once this transition period has passed, SECOS expects to achieve an improvement to net profit after tax of more than $0.9 million per annum.