Vono Plc unveils growth agenda, assures shareholders of profitability

As part of measures to improve shareholders’ return on investment, Vono Products Plc has unfolded plans to reposition the brand for growth through an integration exercise with Vitafoam Nigeria Plc as well as improved production initiatives.

Indeed, the company noted that plans are already underway to integrate with Vitafoam Nigeria Plc for enhanced shareholder value as well as an expanded portfolio, adding that professionals had commenced work and the outcome would be made public soon.

Speaking after the company’s yearly general meeting in Lagos, yesterday, the acting Managing Director, Vono Products Plc, Olatunji Anjorin explained that the company was not just a manufacturer of foams as it has series of other products in its portfolio.

According to him, following an anticipated growth in the domestic market, the company would roll out innovative products that appeal to different segment of the society.

Anjorin, noted that as a major brand, Vono Products would continue to live up to expectation of its diverse stakeholders.

“We are sensitive and innovation. We are taking advantage of social media space to ensure full inclusion of the young ones in our new approach to product development. We are looking at our payment system aesthetically to make our products affordable by different segment of the society”, he added.

In his address to the company’s shareholders, the chairman, Mohammed Yinusa expressed joy that despite the inclement operating environment, the company achieved operating revenue of N889.7million, a modest growth of more than 5 per cent over the previous year, while operating profit improved significantly by 5 per cent to N26.4 million at the end of the 2014 financial year from N17.4million recorded in 2013.

“The growth in turnover particularly reflected the marketing efforts of the growing customers’ satisfaction with our products. The business continues to gain momentum, recording another modest improvement on out profit before tax”, he said.

Commenting on the tough operating environment, Anjorin lamented the high cost of infrastructure in Nigeria.

He appealed to the federal government to create an enabling environment where manufacturers could operate at optimal level, while emphasizing the need for quality products adding that government policy should discourage high influx of inferior products in the real sector.