Oroton set to return to black
The AFR reported that losses at OrotonGroup more than halved in 2018 after the accessories retailer slashed marketing, sales, and administration costs by about 25% following a $24 million "rescue" by fund manager Will Vicars. As a result, pre-tax losses fell to $6.7 million compared with losses of $17.6 million in 2017. Barring further one-off costs the company, which went into voluntary administration 12 months ago, appears set to return to profitability in 2019 with a significantly stronger balance sheet. Mr Vicars, chief investment officer at Caledonia Funds Management, is hoping to lift sales to $200 million or $300 million in five years by re-invigorating design under creative director Sophie Holt and rebooting marketing and sales with an emphasis on digital.