Smiths City Builds Board Strength As Profits Increase

Smiths City Builds Board Strength As Profits And Sales Increase

On the back of its growth and revitalisation announcement, national retailer Smiths City Group today announced the appointment of Tony Allison as a director to its board.

Smiths City is working to further strengthen its brand and market presence and recently announced an increase in underlying profit and sales.

Earnings before interest and tax (EBIT), before abnormal items, was up 16 per cent to $6.6 million.

Allison joins the existing board, led by chairman Craig Boyce, and adds further strength and experience to the directors and management group that includes chief executive Roy Campbell, also brought in as part of efforts to improve performance.

As Chief Executive of retail franchise chain Night ‘n Day Foodstores Limited, Tony Allison has led that company’s strategy, development and implementation plans both for the group and individual operating areas. This has helped Night ‘n Day to gain recognition for its growth through inclusion in the Deloitte Fast 50 index.

On the Smiths City board, Allison will be a director and a representative of UIL Limited (formerly Utilico Investments Limited), a significant shareholder in the group.

“As well as running the successful Night ‘n Day Foodstores, Tony serves on a number of other boards. His retail experience, and as a chartered accountant with a corporate governance background, will be a welcome addition to our board,” Smiths City chairman Craig Boyce said.

“Smiths City is on a path to renewal and a larger geographic footprint following a number of significant operating and management changes during the past year. The board of directors will continue to drive further transformation for the group.”

Allison lives in Dunedin and is a member of the New Zealand Institute of Chartered Accountants and a Chartered Member of the Institute of Directors. He holds directorships with Dunedin International Airport, City Forests, the Otago Southland Employers Association, Forbury Park Trotting Club and AA Cleaners (Otago) Limited.

His career includes board and senior management roles with Calder Stewart Industries, London law firm Olswang and Deloitte Touche Tohmatsu.

Smiths City Group announced a positive turnaround annual result for the 12 months to 30 April 2016 on Friday. The net profit of $5.6 million was down from $8 million in the 2014/15 result, but the bottom line in the prior result was substantially boosted by proceeds from insurance related to the Canterbury earthquakes.

The 98-year old Christchurch-based company has 29 Smiths City-branded stores nationwide. It also has three stores in the recently purchased Auckland-based Furniture City business.

As Chief Executive appointed last year, Roy Campbell brought to the listed company a wealth of experience including senior management roles with Farmers Deka, Mobil Oil and Lion Nathan in New Zealand, while offshore he has worked for a franchise of UK-based multinational retailer Debenhams and for Duty Free St Thomas, part of a Caribbean-wide duty free group.

The Smiths City Group Board and senior management team now includes:

Craig Boyce, Chairman

John Dobson, Independent Director

Gary Rohloff, Independent Director

Sheena Henderson, Independent Non-Executive Director

Tony Allison, Director

Roy Campbell, Chief Executive Officer

ENDS

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