SMEs optimistic about new financial year; Woolworths declares Country Road offer ‘unconditional’: Midday roundup

SMEs are hopeful of growing revenue and profit this financial year despite a third not having a business plan, Commonwealth Bank research shows.

 The research, which surveyed more than 500 SMEs, found 45% of businesses are anticipating increases in their revenue in comparison to 28% who are expecting decreases in revenue.

 In comparison, 40% said they expect to see an increase in profits while 33% said they are expecting their profits to fall.

 The executive general manager of local business and banking at the CBA, Adam Bennett, said in a statement it is not too late for businesses to put a business plan in place to maximise their business performance.

 “Start small and keep it simple,” he said. “The first step towards developing a sound business plan is clarifying your business goals and key success drivers. A business plan built on these fundamentals will help keep you on track this financial year.”

 Woolworths declares Country Road offer ‘unconditional’

 South African retail giant Woolworths is one step closer to locking in its $213 million offer for Aussie fashion chain Country Road, declaring its bid ‘unconditional’ after it received the go-ahead from the Australian Foreign Investment Review Board, according to Fairfax.

 Woolworths made its final offer of $17 per share for the company earlier this month.

 All eyes are now on billionaire rag trader Solomon Lew to sell his 11.8% stake in the company.

 According to Fairfax, Woolworths will be able to buy Lew’s stake on-market if he chooses to sell, speeding up the process and finally locking the purchase down.

 However, Lew’s advisers have previously indicated they believe County Road shares may be worth more than $17.

 Shares

The S&P/ASX200 Benchmark was down 16.6 points to 5571.2 points at 12:08pm AEST. On Thursday, the Dow Jones closed down 0.02%, falling 2.83 points to 17,083.80 points.