GOODRICKE GROUP LIMITED
It gives me great pleasure to present the Goodricke Group Limited Annual Report for
2024-25. It has again been a very challenging year for the Company and the whole tea
industry in general, but against this backdrop the turnaround in the performance of the
Company against the results of 2023-24, is quite remarkable. This is testament to the
leadership of our Interim Managing Director and CEO, Mr Arun Singh, who so very ably
supported by an excellent and enthusiastic senior leadership team, has laid strong
foundations for the future success of this wonderful company.
Constantly changing conditions, be they climatic or commercial, regulatory or
demographic, continue to test the fortitude and resilience of our team, but on my visits
it is so pleasing to see their innovative and collaborative adaptations to these evolving
challenges; one example of this is the continued and growing development and use of
bio-formulations as part of an integrated pest management strategy on the tea gardens.
This is not just as a result of the more stringent regulatory environment in which we
operate, but also a real concern for the quality of our product as well as the desire to
preserve the long term health of the land, the local environment and water supply.
Reliance on predictable and evenly distributed rainfall has been lost to history, but in
response your Company has been expanding its existing water bodies as well as creating new
ones to build more sustainable sources for irrigation. Such schemes have the added benefit
of improving the micro-climate and supporting wildlife.
The decision to divest of any of the Company's assets, and especially a tea garden, is
always going to be an extremely difficult one, particularly when one considers the lives
that will be affected. However, this will only be done where we cannot foresee a positive
future for Goodricke as owner, and in the knowledge that the proceeds of sale of such
gardens will have a positive effect on profitability, reduce borrowings and interest
costs, and allow us to reinvest in our business and in our people.
As to the future - as was announced to the Bombay Stock Exchange on 30th
April 2025, Mr Shaibal Dutt will succeed Mr Singh effective 6th September
2025.MrDutthasbeenemployedbytheCompanyforalmost31years,having spent 16 years on the tea
gardens, 8 years in the branded tea division before returning to the bulk tea operations
as a Visiting Agent. The appointment followed a comprehensive internal and external
selection process which highlighted the talent and commitment existing within our ranks,
and during which Mr Dutt communicated a real desire and passion to see Goodricke succeed,
for the benefit of all its stakeholders. The Company has some truly wonderful tea estates
and gardens and the one thing that we have in abundance is land, and with support from
Government we can utilise areas not suitable for tea by diversifying into other crops and
activities. I have seen for myself the various test and learn projects being undertaken,
which includes alternative crops of garlic, turmeric, ginger and mushrooms as well as
dairy the ultimate objective being to scale up the most successful projects to commercial
production. We have also been exploring the opportunities that exist in hospitality, using
our world-class tea gardens and estates as a base to offer guests a truly exclusive and
memorable experience. This will be done in a phased way, and we look forward to sharing
this with you as our plans develop.
I will leave my last comment to the importance that we place on the wellbeing of all
our employees, regardless of the role that they have in the organisation. The opportunity
to meet colleagues in all areas of our business is so very important and I continue to
learn a great deal from these conversations, most recently with a Mothers Club on one of
our gardens in Assam, which was particularly impactful and has informed my thinking since.
I remain confident in our path forward and am grateful to our employees, customers, and
shareholders for their ongoing trust and support.
Stephen Charles Buckland
Non-Executive Chairman