The vitamin maker tells investors it plans to focus on pet supplements and mental health products as it seeks to get back on its feet following a big pandemic hit.
Blackmores will be sitting on a goldmine if it can tap the $7.6 billion pet vitamin supplement market.
Blackmores boss says sales and marketing will be among the divisions where jobs will be cut as it targets a 10% reduction of its 1400-strong workforce.
The ASX-listed vitamins and supplements maker has kicked off a $117 million capital raising,yet its key investor Marcus Blackmore won't take up any more shares.
The vitamins maker hopes to capitalise on the surge in demand for its products during the COVID-19 outbreak for the longer term,tipping consumers will place more emphasis on disease prevention even when the pandemic is over.
Blackmores says it will open a"centre of excellence for the modern career woman"in Shanghai as it targets"very stressed"working women in the country,as part of a new strategy.
Blackmores said it intended to launch a series of new pet supplements over the next 12 months,particularly aimed at China.
Earnings season to date hasn't been a disaster,but investors continue to grapple with the question of whether the results have justified the ASX's positive momentum.
Barely an investor call went past this month without CEOs being quizzed about whether the virus now called COVID-19 was affecting their business.
Blackmores shares slumped after it slashed its full-year profit guidance and dumped its interim dividend,as it flagged a cost blowout at its new Melbourne plant.
The company has had some uplift from the sale of its immune support products,like Vitamin C,but with China practically in shut down mode things are looking poor.