VIDEO INTERVIEW: Pumpkin Patch CFO Matthew Washington

Source: TVNZ

An interview with Pumpkin Patch Ltd [PPL.NZX] CFO Matthew Washington, after yesterday's 2010 Full Year Profit release.

Of particular interest is news that the company look to be opening 22 new stores over the coming year and a focus on a new brand, Charlie and Me, a stand alone store that will sell a products that Pumpkin Patch stores to not currently sell - i.e: cheaper children's clothing.

Matthew sounds just a touch bullish here. Wish I could share his enthusiasm on where retailing is going over the next year or two.

Disclosure I own PPL shares in the Share Investor Portfolio.


Pumpkin Patch @ Share Investor

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VIDEO: Extended Ian Morrice Interview

Source: TVNZ

An extended interview with CEO of The Warehouse Group Ltd [WHS.NZX] Ian Morrice last week after the 2010 Full Year Profit release and my interview with him.

With Nadine Chalmers -Ross they cover everything from the profit release to where the company maybe going in the future, and everything else in between.

Nadine is shaping up to be one of NZ's best financial interviewers

The Warehouse Group @ Share Investor

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Allan Hubbard Saga: 60 Minutes Interview, Sept 23 2010 (UPDATED)

Source: TV3

In a 60 minutes interview with Allan Hubbard last night Hubbard claims an anonymous unsigned letter was the only reason Hubbard Management Funds and Aorangi Securities were put into statutory management and that he put $40 million of his own money into the latter to keep it afloat.

These two claims I now know are falsehoods and there will be more about that from this blog around these and other falsehoods, over the next week or so. There have been other complaints and any assets Hubbard says he put into either of these two entities were worthless and or wrapped up in inter party lending complications.

I feel sorry for the investors in those companies but like Allan they are blaming everyone else but the man responsible, Mr Hubbard.

Hubbard blames everybody else as well and specifically his fellow directors for not letting him invest in the stockmarket. He claims they wanted to invest in the property deals that ultimately led to the collapse of his empire.

The 60 minutes piece was filmed in Timaru during last weekends hubbardfest led by Paul Carruthers, formerly of the Standby Hubbard Support group.

A soft interview, without thorough investigation, designed to make Allan Hubbard look good.

Poor journalism.

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c Share Investor 2010

Pumpkin Patch Ltd: 2010 Full Year Profit Analysis.

To those at Lynfield College currently reading this today, you might want to check out the updated links below this post for more on PPL. You can also download PPL company reports for free from here.

The Pumpkin Patch Ltd [PPL.NZX] Full Year 2010 Net profit after tax up 76% to $25.5 million. It compares to the 2009 Full Year Profit of $14.7 million.

The selling of 20 loss-making stores in the USA along with an improvement in operations there, in the United Kingdom and a relatively flat result in Australasia have contributed to the result.

Repayment of a large amount of debt has also been a key factor in bottomline profit.

The worrying factor is that revenues are down by 11% but some of that can be put down to the closure of the North American stores.

A disappointment to me is that head office costs have remained similar to last year - an effort could have been made to reduce costs during this recession. Likewise the higher dividend, this should have been retained for future growth.

Key Points

- Net profit after tax up 76% to $25.5m
- Net profit after tax (from continuing activities) up 38%
- Total revenue of $382.0m was down 11%
- Total dividend for the year up 27% to 9.50 cents per share
- Improved EBIT margins across all retail markets
- Launch of the new brand Charlie & Me
- Entry into 4 new Wholesale markets


Forecasts by management for 2011 have been understandably sketchy - few NZX listed companies are sure what 2011 will bring - but the indications from management assure shareholders that they are "well placed" if trading conditions improve.

I would imagine the struggle will continue in North America and the United Kingdom and there will be further negative impacts for the Australasian part of the business during 2011, depending on the impact of interest rates on the discretionary spending of Pumpkin Patch's target customer - the young middle-class family.


Disclosure I own PPL shares in the Share Investor Portfolio.

Pumpkin Patch @ Share Investor

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c Share Investor 2010