Dear Shareholder
It is a huge honour for me to take on the role of Chairman of Goodricke
Group Limited, particularly when I consider those who have preceded me. It is with that in
mind that on behalf of the Board, I would like to thank Mr Peter Field for his 14 years of
dedicated service to the Company, and we wish him well in his retirement.
We also wish to extend our gratitude to Mr Atul Asthana, who stepped
down as Chief Executive Officer and Managing Director on 29 February 2024. Atul served the
company for almost 40 years, both on the gardens and at the Head Office in Kolkata, and
most recently led the ^ Goodricke community through the extraordinary challenges posed by
the Covid pandemic. We would like to thank him for his distinguished service, dedication
and commitment.
Mr. Arun Singh was appointed as Executive Vice Chairman and Interim
Managing Director cum Chief Executive Officer, and we welcome him back. He had served the
company for some 43 years, 12 of which as Managing Director. Following his appointment, he
undertook an analysis of the key operational challenges facing the business and is in the
process of developing a strategy which aims to restore the business to profitability and
long-term sustainability.
In my discussions with colleagues both in the boardroom and in the
field, I continue to be impressed by the calibre of employees that we have currently as
well as the talent that we continue to attract into the business, whether that be to the
gardens, the packet tea operation, W instant tea plant or to the Head Office in Kolkata.
I have seen for myself how the leaders within the business have
recognised the importance of motivating people and inspiring others to achieve their full
potential, whatever their role in the company. Everyone has their part to play as we
embark on this new phase in Goodricke's journey.
There is certainly no avoiding the fact that we have some challenges
ahead of us; structural, geo-political, climatic and market conditions are all
contributing to make our work more challenging at this point in time. This requires us to
be resourceful, to approach things differently and to look for new opportunities; we are
fortunate that innovation has always been in Goodricke's DNA, and it benefits both our
business and our impact on society. We are striving to improve our energy efficiency: at
one of the company's gardens in Assam, there is a ground-mounted solar project with
further sites being considered across the group, as well as other innovative solar
projects being explored. We are taking steps to improve our carbon footprint: in 2023 the
company's Darjeeling gardens were certified carbon negative. We are reducing our reliance
on costly chemicals: there is a dairy unit on one of the Dooars gardens which produces
manure, which when mixed with natural plant matter and left to ferment creates a treatment
which is then applied in the tea fields providing the bushes with a nutritious boost and
produces some protection against pests and diseases. These are but a few examples of
initiatives undertaken throughout the business.
There are many aspects to what makes this wonderful company unique,
arising from our corporate philosophy of having a long-term view rather than fixating only
on the short term. This approach requires us to run a sustainable business that benefits
shareholders, employees and their communities, and to act responsibly to maintain the
environment. Above all else, it means that we must act with integrity, professionalism,
fairness and humility in all dealings with stakeholders: to be a responsible business run
'with a human face'.
The Board would like to thank all employees for their hard work and
dedication to the company.
Yours sincerely,
Stephen Charles Buckland
Non-Executive Chairman