Cavalier to transform to an all-wool and natural fibres business.
Funding options are currently being evaluated and will be communicated to shareholders.
Financial benefits of the transformation strategy and return to profitable growth expected from FY23 onwards, following an initial 12 to 24 months of investment, with full benefits expected from FY25 onwards.
Trading in June 2020 was stronger than anticipated, particularly in wool sales, following a year on year reduction in sales volumes in March, April and May due to the impact of COVID-19. Bank debt and inventory levels are at historical lows.
An Investor Presentation has been provided with this announcement and an Investor Call will be held on Friday 24 July at 3.00 pm when management will discuss the new strategy.
Please click on the links below for the full details and presentation.