City snapshot: Hain Celestial a ‘fundamentally different’ company as turnaround plan progresses

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Hain Celestial is on track to deliver $60m (£45.8m) in cost savings this year to fuel the US giant’s ongoing turnaround plan. The US group said it was “fundamentally a very different company” than a year ago.

The owner of Ella’s Kitchen, Covent Garden and Sun-Pat launched its Hain Reimagined multi-year strategy in September 2023 in an effort to simplify the business and boost margins and long-term profitability.

The restructure is made up of four pillars, with the 2024 financial period marking the foundational year of the plan and the initial ‘Fuel’ pillar aimed to kickstart a pivot to growth.

In an update, Hain said it had taken strategic actions to progress the ‘Fuel’ pillar, which consists of revenue growth management, cash management and operational efficiencies to fund the transformation.

The group has generated operating cashflow to drive margin expansion and is on track to deliver more than $60m in cost savings by fiscal year-end.

Global chief supply chain officer Steve Golliher said: “All four pillars of the company’s Hain Reimagined strategy are ultimately focused on enabling and pivoting to growth.

“The key word is ‘pivoting’. Anticipating growth months before it arrives ensures that new markets and categories are planned for well in advance.

“This proactive approach will support higher levels of accuracy, service, and customer satisfaction. We are fundamentally a very different company than we were one year ago.

“We’re more efficient and well-run, which we expect will set us up for future success and support our ability to achieve the goals we outlined in Hain Reimagined.”