SMI was severely impacted by the continuation of the pandemic for the entire financial year. The Travel Retail business was unable to operate as the airport was closed by the airport operator in conformity prevailing government regulations. The businesses in the domestic market were also heavily impacted by restricted operating hours linked to both health and safety issues.
The management team led by CEO, Mark Bedingham has continued to implement very strong and robust cost control measures as well as liaising with our staff and our suppliers to achieve positive outcomes for nearly all of our stakeholders.
The business has continued to be refocused onto Retail, F&B and Logistics and the exit from the Auto Services and Serviced Office business has been successfully concluded.
The Company is well positioned to reopen its Travel Retail business which is expected to start to recover over the course of the next year or so and in addition, the Company has announced some exciting new business directions which we expect to be able to comment on at greater length in the future.
A Note of Thanks & Appreciation
We have made every effort to keep our employees safe and secure during this global health crisis and we are most appreciative of the sacrifices that they have made in support of the company during this difficult time.