BY RITA OBODOECHINA

Vono products Plc said it will continue to place emphasis on remodeling its operational process for optimal growth in market share for its product.

Speaking at the company’s 51st Annual General meeting in Lagos, the chairman of the company, Mr. Bashiru Lasisi, said, “Following the recently concluded capital raising exercise, focus will be on facilities upgrade towards improving quality of the company’s products”

According to him, Efforts are currently in progress to position the packaged bed as the flagship of the company’s product offering at affordable and competitive prices, the existing distribution channels will also be expanded with the opening of new bedding centre spread strategically across the country.

The Chairman said the company recorded a turnover of N666.5 million for the year under review compared to N437.3 million in 2010, while its loss before taxation reduced from N393.3 million in 2010 to N83.2 million in 2011.

He said that the company’s performance showed an appreciable improvement in the loss position over the previous year, the improvement in turnover and decline in loss reflects the ongoing drive to reposition the business model and focus on high margin products.

He added that the company’s human capital has been a major source of inspiration; the employees have demonstrated uncommon determination and zeal which has ensured the right industrial atmosphere for planning,  and commended   the management and members of staff for exhibiting good virtue

Adding that high interest expenses were a major setback that distorted management plan, he said the indebtedness to some of the banks was refinanced in order to give the company a breathing space.

He added that one of the major challenges faced by the company was that of low capital base. According to him, during the year, the company’s board took a bold step to actualize previous resolutions of shareholders to recapitalize the company.

He said the company decided to avail existing shareholders the benefits of consolidating their investment through a rights issued exercises. Despite the lull in the market, the exercise recorded a modest ‘success.