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Cox & Kings

BSE: 533144|NSE: COX&KINGS|ISIN: INE008I01026|SECTOR: Miscellaneous
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Chairman's Speech (Cox & Kings) Year : Mar '17

Dear shareholders,

Events of the last one year have reinforced my belief that the rate of change in today''s world is more rapid than at any other time during the four decades that I have been at the helm of affairs at Cox & Kings Ltd. Yet, I am filled with a deep sense of pride and satisfaction that your company has stood firm against the pressures of modern business life to emerge stronger, more capable and more profitable.

The last few years have been characterized by a whirlwind of change, both geopolitically and technologically. There is mounting evidence that the era of automation and rapid technological advance has in fact been at the core of some of the social, political and financial dislocations seen across the world of late. We may indeed be in a period of heightened geopolitical volatility that may take more than just a few years to fully resolve. In difficult times, we return to the core values that defined us growing up in order to find the courage to survive and to thrive. I am very pleased that we at Cox & Kings have amply demonstrated our resolve to meet these myriad challenges by maintaining our core values; in particular, keeping the customer at the very heart of everything we do.

This customer-centricity has enabled our major business divisions to put up a muscular performance in FY17, delivering market-leading growth. Our India business continued to demonstrate improving growth and margins, widening the distance between itself and its peers on both counts, in the face of stiff competition. Our Education business stared down multiple geopolitical challenges to emerge bigger and stronger;

we are now expanding at a more rapid pace in the UK and in Australia to enhance our market leadership as well as margin leadership. Our Meininger business added 25% of bed capacity within 90 days and I am confident that the journey here has only just begun.

Shareholders are central stakeholders in the life of any company. Our listing eight years ago was a promise that we would always stay focused on the underlying principle of creating shareholder value no matter what. I am very pleased that over the last few years your company management has consciously worked to unlock the tremendous value that remains latent within the Cox & Kings umbrella. We have reduced our debt, trimmed the balance sheet and improved return ratios. The upcoming demerger of the fast-growing Foreign Exchange business in India constitutes yet another step on this journey. Cox & Kings Financial Service Ltd. can look forward to a dazzling future as an independent entity and all our shareholders will benefit from it.

As I reflect on the year gone by and look forward to the future, I cannot but help feeling that the best is yet to come; and that adversity and rapid change may well be your company''s best friend. I would like to personally thank all the members of the staff and management at Cox & Kings for their hard work and nimble-mindedness over the last year. I would also like to place on the record my deepest gratitude to you, our dear investors, for your support and patience over the years.

Anthony B. M. Good OBE

Chairman

Source : Dion Global Solutions Limited
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