Greencross Limited shares up as new CEO takes helm

Credit: Richard Landherr

Shares in Australia’s largest provider of pet care retail products Greencross Limited (ASX: GXL) are up 1% to $5.56 at the time of writing as new CEO Simon Hickey takes the helm.

Simon Hickey replaced Martin Nicholas as the CEO and managing director of Greencross, with Hickey’s term officially beginning yesterday.

Greencross released its first-half results on February 20 with a profit lift of 8.9% to $23.2 million, revenue also up 9% to $433.3 million and EBITDA following the percentage increase theme by increasing 9% to $54.4 million.

Greencross is showing its strength in the online space, with its digital revenue up 92% to $9 million and former CEO Nicholas saying at the time the results were “buoyed by excellent trading over the Christmas period” and a “cross-shoppers” base of customers who use the online platform but also visit stores and veterinary clinics for advice or services.

While Nicholas left Greencross on a strong footing it is hoped that Hickey will be able to leverage on his experience at Qantas Airways Limited (ASX: QAN) and the development and launch of their online retail store to push Greencross into its next growth phase.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Greencross Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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