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March 2012
Performance Improvement - Operating
leverage in corporate turnaround
Operating leverage is 'MBA-speak' for the mix of fixed and variable costs incurred by a business. A business with a high percentage of fixed costs is said to have high operating leverage. This concept is critical for understanding how sensitive profitability or cash flow is to a reduction in revenue.
In this issue, we discuss how to drive a flexible and responsive cost base. |
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February 2012
Discretionary Retail - Changing metrics for a changing industry
Without doubt, the discretionary retail sector will continue to undergo large-scale structural and cyclical changes in 2012. The consumer is in charge and the traditional model is under pressure. During this period, it is more critical than ever to use metrics which are relevant to the changing nature of the industry. |
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November 2011
What can golf teach you about business success ?
Eighteen holes of golf will teach you more about your foe than will 18 years of dealing with him across a desk. |
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October 2011
Performance Improvement: Solar - it isn't
easy being green
While this edition of Performance Improvement focuses on the solar industry, our observations equally apply to businesses balancing the opportunity of meeting a spike in consumer demand with the need to maintain internal systems and controls. |
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September 2011
Performance Improvement - Lessons
from the front line
Welcome to the first edition of our new monthly publication called 'Performance Improvement'. In this regular newsletter we will explore a range of topics designed to improve the performance of your business. |
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September 2011
333 - TMA Survey 2011
Insights from the Australian Turnaround 'Industry'. Conducted by 333 Consulting and Turnaround Management Association, the survey analysed 110 embattled businesses involved in 'turnarounds' last year. It found 92 per cent of retail turnarounds involved closures, or cutting down on products, compared to 75 per cent in the previous year. |
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December 2010
Retail - Industry Roundup
Welcome to the December 2010 edition of our Retail Industry Roundup. Higher interest rates and rising household expenses are continuing to limit the scope for discretionary spending. In the quarter to September 2010 seasonally adjusted retail sales increased by 0.7% compared to the prior comparable period. The food sector was again the strongest performing segment with growth of 1.1%
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October 2010
Agribusiness - Industry Roundup
Listed agribusiness news predominantly reflected corporate transactions with a number of Australian agribusiness companies announcing either asset sales or capital raisings. Listed companies also began to report with greater frequency the negative impact on earnings of the higher Australian dollar. |
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September Quarter 2010
Manufacturing - Industry Roundup
The Manufacturing industry remains cautious due to the highly uncertain global economic outlook.
Following sustained growth in July, manufacturing activity weakened in the latter two months of the quarter, with businesses weighing the impacts of a slowing Chinese economy together with a delicate economic recovery in the United States. |
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August 2010
333 - TMA Turnaround Survey
Insights from the Australian Turnaround Industry: The survey is the first of its kind in Australia, offering a unique insight into the causes, challenges, responses and successes of corporate turnaround activity during the recent financial crisis. It focussed on ‘real’ problem solving and gaining a deeper understanding of what works and what doesn’t work. |
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July 2010
Agribusiness - Industry Roundup
Listed agribusiness news reflected difficult trading conditions, as illustrated in the results announced for AAC, Farm Pride Foods, Gunns, Tandou and Websters.
The Bureau of Meteorology’s July Drought Statement reported that despite above average rainfall for most of Australia, the south west region of Western Australia continued to experience dry conditions, recording its third driest start to a year since 1900. |
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July 2010
Increasing the Options
Time and cash are major constraints when dealing with distressed businesses. A common mistake is to accept these constraints as fixed variables. In our latest paper we outline how the number and quality of available restructuring options can be increased by “buying” time.
We discuss how to build the right team, establish control and obtain visibility. From here, we describe how to use the playbook and explore all the options to improve short term cash flow.
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July 2010
Retail - Industry Roundup
It would appear recent consecutive interest rate rises, together with other weakening macro factors, are beginning to directly impact discretionary spending.
Whilst seasonally adjusted retail sales increased by 1.4% during the March 2010 quarter (compared to the prior comparable period), the growth was primarily driven by the Food sector (growth of 2.2%) which masked a 0.2% contraction in the Household Goods sector. |
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June 2010
Agribusiness - Industry Roundup
Listed agribusiness news reflected ongoing concerns around rural conditions with profit warnings from Elders and Nufarm attributed to soft demand for rural products.
The Bureau of Meteorology’s June Drought Statement reported lower than average rainfall across Australia with south western areas of Western Australia particularly affected. . |
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June 2010
Manufacturing - Industry Roundup
Manufacturing activity expanded strongly in April before slowing in May and June, with the Australian Performance of Manufacturing Index (PMI) falling to 52.9 points (albeit remaining above the 50 point mark separating contraction from expansion). |
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May 2010
Aged Care - Industry Paper
The Australian government has made a number of recent policy changes designed to improve the quality of care provided in residential aged care facilities. These policy changes, coupled with the shortage of available credit, has resulted in many operators experiencing intense operational and financial pressure. Over the last six to twelve months we have seen a significant increase in the number of residential aged care operators in default of lending covenants. . |
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May 2010
Retail - Industry Roundup
Welcome to the May 2010 edition of our Retail Industry Roundup. The retail sector, like others in the Australian economy, has rebounded from the sharp declines experienced during the global financial crisis. However, discounting and a sense of caution remain.
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April 2010
Agribusiness - Industry Roundup
Welcome to the latest edition of our Agribusiness Industry Roundup. Listed agribusiness news was limited during March 2010 although the run of bad profit news continued with AWB and NuFarm announcing profit downgrades whilst Elders announced an external review of forestry operations. |
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March 2010
Agribusiness - Industry Roundup
The Bureau of Meteorology’s March Drought Statement reported above average rainfall across eastern Australia over March 2010 with the Murray Darling basin recording the seventh wettest start to the year since records commenced in 1900. This rainfall has largely eliminated rainfall deficits over the last two years, although longer term rainfall deficits remain. However, Western Australia saw short term rainfall deficits due to the central area of the state being largely missed by rainfall during the period. |
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March 2010
Manufacturing - Industry Roundup
With modest sales reported both in the domestic and global markets and the negative impact of the high AUD and rising interest rates, easing in the manufacturing sector is expected to continue. |
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February 2010
Agribusiness - Industry Roundup
The Bureau of Meteorology’s February Drought Statement reported that widespread rainfall across most of eastern Australia had eliminated short term rainfall deficits with only mid western areas of Western Australia reporting rainfall deficits, reflecting a drier than normal summer. Although the rainfall in February 2010 has eliminated most medium rainfall deficits, long term deficits still exist for the lower Murray Darling Basin. |
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January 2010
Agribusiness - Industry Roundup
The Bureau of Meteorology’s January Drought Statement reported that widespread rainfall across most of Queensland and the Northern Territory in January 2010 had eliminated most rainfall deficits in those areas. However, serious long term rainfall deficits remained for the south east of New South Wales and southern coastal regions of Victoria. News from listed agribusiness companies was slow in January 2010 apart from CSR’s announcement regarding potential takeover offers from China’s Bright Foods and takeover activity surrounding Tandou. |
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December 2009
Agribusiness Industry Roundup
Listed agribusiness companies continued a high level of corporate activity with takeovers and capital restructuring prominent for companies such as Australian Vintage, Nu-Farm and Warrnambool Cheese and Butter. However, AWB and Graincorp were amongst agribusiness companies that announced substantial writedowns would impact on annual results. |
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December 2009
Australian Corporate Health Index
The 333 Australian Corporate Health Index is a pulse check that assesses the health and reilience of corporate Australia. Based on members of the ASX All Ordinaries Index between 2003 and 2009, it uses changes in the Altman Z-Score as a measurement of corporate health. As the Altman Z-Score is the most widely used and most commonly understood predictor of financial failure, the 333 Australian Corporate Health Index is able to provide insight into the current level of health and resilience in corporate Australia. |
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August 2009
Agribusiness Industry Roundup
The Bureau's rainfall outlook for the period from September to November 2009 reflected a strong shift in the likelihood of drier weather across eastern Australia although the south west of Western Australia is expected to experience higher than average rainfall. News from listed agribusiness companies reflected a run of poor results and profit warnings with only a few companies such as Graincorp or Tassal reporting an improved outlook. |
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June 2009
Agribusiness Industry Roundup
News from listed agribusiness companies was to the downside in June 2009 with profit warnings from Australian Agricultural Company, Websters and Warrnambool Butter Company. The Bureau's rainfall outlook for the period from August to October 2009 reflected a strong shift in the likelihood of drier than normal weather.
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June 2009
Retail Industry Roundup
The recent growth in retail sector sales is primarily attributable to the Federal Government's stimulus package. The Clothing and Soft Goods and Food retailers have been the main beneficiaries of the handouts with Household Goods reatailers continuing to struggle. |
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April 2009
Agribusiness Industry Roundup
News from listed agribusiness companies was generally pessimistic in April 2009 with a number of profit downgrades being released. The appointment of voluntary administrators to Timbercorp Limited also dominated agribusiness news given the number of investors impacted by Timbercorp's failure and the anticipated fallout on other MIS operators. |
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March 2009
Agribusiness Industry Roundup
The Bureau of Meterology's latest Drought Statement reported unusual rainfall patterns for March 2009 with above average rainfall for much of central and south eastern Australia but below average rainfall for most of northern Australia. Despite this, Victoria still recorded its third driest January to March period on record.
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March 2009
Retail Industry Roundup
Total Retail sales increased a seasonally adjusted 0.2% in January 2009 to $19.2b. Clothing and soft goods sector increased 0.8% in January with PCP growth over 6%. The RBA left interest rates on hold at 3.25% in March 2009 citing domestic demand (having not weakened as much as other countries) and strength of the domestic financial system as reasons for the decision. |
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February 2009
Agribusiness Industry Roundup
Listed agribusiness companies generally had a poor half year reporting season, as losses and profit warnings outweighed the better prospects of companies such as ABB and Graincorp on the basis of their expected benefits from improved cropping conditions and the lower Australian dollar. Australian Vintage and Furturis were notable listed companies that were impacted by heavy operating losses. |
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January 2009
Agribusiness Industry Roundup
Shares in a number of listed agribusiness companies showed the impact of the worldwide economic downturn with substantial impairment charges flagged by Australian Vintage and Warrnambool Cheese and Butter flagging lower profitability due to lower world dairy prices and Gunns forecasting lower exports due to the downturn in the Japanese economy. |
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