Latest / Best of Business / Rod Duke: Briscoe Group managing director on the business posting steady result in tough financial year

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Rod Duke: Briscoe Group managing director on the business posting steady result in tough financial year · Best of Business

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  Speaker 1: You're listening to a podcast from News Talks'd be follow
• 0:12
  Speaker 1: this and our wide range of podcasts now on iHeartRadio.
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  Speaker 2: Now not bad news for Briscos. The retailer has posted
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  Speaker 2: a firm full year result, net profits down only slightly
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  Speaker 2: to fifty nine million dollars. The managing director is Rod
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  Speaker 2: Duke Hirod I have. I would say that's a pretty
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  Speaker 2: good outcome given the year that we've just had. Read
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  Speaker 2: the cost of living, what do you think?
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  Speaker 3: Look, we were pretty pleased as well as you could see.
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  Speaker 3: The first half was a bit tough and it's sort
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  Speaker 3: of eased up and we kicked a couple of goals
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  Speaker 3: in the second half, So turned out a pretty QoD
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  Speaker 3: to you do you have?
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  Speaker 2: How much did you have to cut and costs?
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  Speaker 3: Well, we didn't really, Yes, we looked after costs and
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  Speaker 3: as you can see, there's only been a small movement
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  Speaker 3: in the cost of doing business. But we just sort
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  Speaker 3: of tightened up a lot of things that we're able
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  Speaker 3: to and so what.
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  Speaker 2: Happened in the second half to turn.
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  Speaker 3: It around, Well, look, we did change a fair bit
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  Speaker 3: of in terms of the way in which we go
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  Speaker 3: to the media and what we say in our promotions.
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  Speaker 3: But I think generally the market just from about Black
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  Speaker 3: Fridays sort of just ease up a bit. People just
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  Speaker 3: got a bit more confident you still.
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  Speaker 2: I was having a chat to Sky TV CEO Sophie
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  Speaker 2: Maloney the other day and she was saying the old
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  Speaker 2: TV advertising was softer than she was expecting. Are you
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  Speaker 2: still seeing value in TV advertising?
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  Speaker 3: We don't do a lot of it now. Why because
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  Speaker 3: there's not as many eyeballs on it and the value
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  Speaker 3: that used to be there is simply not there. Its
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  Speaker 3: elsewhere at the moment.
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  Speaker 2: And is it a case of it's an expensive thing
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  Speaker 2: to make and then it doesn't bear much fruit?
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  Speaker 3: Well, yes, it would be right to characterize it that way.
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  Speaker 3: But you know, we've all known that media is going
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  Speaker 3: to shift. We've done that for years and look, it
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  Speaker 3: is what it is. People are just just taking notes
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  Speaker 3: of different pieces of media rather than you know, fredware
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  Speaker 3: or even pay to EVA And.
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  Speaker 2: So where are you putting your money? Advertising wise?
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  Speaker 3: I love it's social really and does that.
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  Speaker 2: Bear much fruit?
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  Speaker 3: Plenty?
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  Speaker 2: Because it can be tailored.
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  Speaker 3: There is that, and also we have a two million
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  Speaker 3: person customer base that we can talk direct EA term
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  Speaker 3: as well.
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  Speaker 2: Yeah, interesting. Now listen, having a look at what's going
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  Speaker 2: on in Iran, how are you feeling about that?
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  Speaker 3: Look that for this year, My year started February the first,
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  Speaker 3: so this year that we've just started, the elephant in
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  Speaker 3: the room is in fact Iran and Donald Trump. If
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  Speaker 3: in fact that goes on and continues to cause the
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  Speaker 3: term more and angst that it is, then it's going
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  Speaker 3: to be going to be an issue. But look, I
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  Speaker 3: happen to be in the view that he's got midterm
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  Speaker 3: elections coming up. Fighting a war he didn't need to
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  Speaker 3: be in is probably not good and he's likely to
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  Speaker 3: pack up stumps and go home sooner rather than later.
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  Speaker 2: You're probably right there. Are you seeing any prices shift already?
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  Speaker 3: Though? No, not yet, not yet. But it's only just
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  Speaker 3: been announced. These search charges aren't just gone on. This
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  Speaker 3: particular time of year is our low season for receipting
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  Speaker 3: of overseas merchandise. But if it were to continue through
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  Speaker 3: to over November, it would be a problem.
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  Speaker 2: Yeah, quite a significant problem, wouldn't it. There are some
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  Speaker 2: people who are talking about the possibility of this kicking
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  Speaker 2: us into backwards into a recession in this country. What
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  Speaker 2: do you think of that.
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  Speaker 3: I think fuel is highly imflatiary, and I think the
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  Speaker 3: Reserve Bank will have no choice but to move interest rates.
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  Speaker 3: But I don't think they'll do it instantly. I just
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  Speaker 3: have a feeling, you know, a week or two or
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  Speaker 3: three or four of this, you know, may not be
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  Speaker 3: quite enough to do that, but any extension to that
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  Speaker 3: may very will be easy for the Bank to make
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  Speaker 3: those decisions.
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  Speaker 1: Rod.
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  Speaker 2: Yeah, well, see listen. Thank you very much for leading
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  Speaker 2: me pecky brains. It's Rod Duke, Managing director at Brisco Group.
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