Under new boss, Caribbean Flavours aims for more market share
Newly appointed managing director of Caribbean Flavours and Fragrances (CFF), Derrick Cotterell, says the company is looking to eke out bigger margins in its domestic and overseas markets.
Cotterell, who is also the chairman of Derrimon Trading Company, which holds a 49 per cent stake in CFF, said the company has several plans to grow, including boosting its fragrances division.
He was less forthcoming on whether his taking over the top job at CFF meant that Derrimon was considering upping its stake in the operation to an outright majority. That was a question, he said, that could not be answered right now.
"We have been very strong with flavours, but we have been pushing the fragrances a lot more," he said.
CFF already holds a strong position as a supplier to the beverage market, so Cotterell has set sights on supplying flavours to condiments manufacturers.
"There are other flavours that we are looking at in terms of the spice and condiments and dried powered mixes," he said.
"The plan is to grow the business by getting new customers primarily from overseas. What we are doing now is being more proactive with our customers, going to them, trying to meet their needs (and) showing them solutions that we have."
Cotterell and Derrimon's Chief Financial Controller Ian Kelly, both of whom sit on CFF's board, were appointed in January 2016 as managing director and chief financial officer, respectively.
Pressed on whether Derrimon will increase its shareholding in CFF, Cotterell said he could "not say at this time".
The new top boss said the company is as focused on drumming up its export business as it is on developing new clientele in its home market.
"The truth is we are spending a lot more effort on overseas because we see that there is a lot of growth in that area," said Cotterell.
As for the former managing director of CFF, Anand James, he remains a director and is also now retained as a consultant.
"We are using him now where his competence is even greater in terms of the technical part of the business, to develop new products and train the rest of the staff," said Cotterell.
No further management changes are planned for now, he said.
CFF took in more than $73 million worth of revenue in its third quarter ending March, or nearly 10 per cent more year on year. Profit for the period also spiked by just over 10 per cent to $19 million. Year to date, the company has made $56 million in profit from sales of $266 million.