Melbourne, Australia – Troubled debt collector RMG expects to staunch the red ink in the next couple of months as its restructuring efforts under new boss Don Bourke begin to bite.
Losses for the six months to December ballooned from A$3.9 million ($4.23 million) to A$6.5 million. This compares with annual losses for the year to June of A$9.3 million.
Bourke, the former Consolidated Press and Brierley Investments executive appointed executive chairman in September, said he had not been able to influence the October result.
The months of December and January were “notoriously poor” because of public holidays and people taking annual leave.
“When you join a company that needs to be turned around it?s a little bit like someone being appointed to a new Government,” Bourke said.
“You?ve got 100 days to start making things happen and roughly that?s the period I work on.”
RMG, part-owned by Eric Watson?s Cullen Investments, has had a tough time since it was formed in the merger of 22 Australian and New Zealand companies four years ago. It is one of the largest debt-management groups in the Southern Hemisphere.
For this complete story, please visit Debt Collector?s Outlook Brightens on Restructuring.
