Crookes Brothers Limited, one of Africa’s leading agribusiness groups, listed on the Johannesburg Stock Exchange (JSE), has begun searching for a new company secretary after Highway Corporate Services Proprietary Limited announced its resignation, effective November 30, 2026.

In a notice dated October 12, 2026, the Durban-based agribusiness said the resignation followed the proposed retirement of John Acutt, Crookes Brothers’ representative at Highway Corp Serve, which provides company secretarial services to the group.

Board changes follow governance challenges

The company said it would begin the process of identifying a replacement, with a further announcement expected in due course. Crookes Brothers also thanked John Acutt for his contributions over the years and wished him well in retirement.

The resignation comes as Crookes Brothers works to strengthen its governance following a series of board-level disruptions in 2026.

In April, the company appointed British chartered accountant Thomas Attree as an independent non-executive director and chairperson of its Audit and Risk Committee. The appointment followed the deaths of Chief Financial Officer Nigel Naidoo and independent non-executive director Farzanah Mall in March, creating challenges for financial oversight and board stability.

Crookes Brothers reports $16.6 million loss as macadamia exit looms

South African agricultural group Crookes Brothers Limited reported a R274 million ($16.56 million) loss for the financial year ended March 31, 2026, reversing a R89.8 million ($5.43 million) profit a year earlier, following a R258.8 million ($15.66 million) impairment on its Mozambique macadamia investment.

Revenue declined by 7% from R833.81 million ($50.42 million) to R777.6 million ($47.02 million), while headline earnings swung to a R25.5 million ($1.54 million) loss from R64.9 million (43.92 million) in 2025, reflecting subdued commodity prices and rising input costs.

Sugar cane remained the largest revenue contributor at R522 million ($31.55 million), while banana revenue fell 10% to R179.4 million ($10.84 million). The group plans to exit macadamias, preserve cash and focus on core agricultural and property operations. No final dividend was declared.

Mozambique exit

The disposal followed a strategic review that found the businesses remained dependent on financial support and had limited prospects of achieving cash-flow break-even in the near term.

For the year ended March 31, 2026, the two businesses recorded a combined loss of R300.8 million ($18.18 million), while their combined net assets were valued at nil.

Crookes Brothers had drawn $5 million from an $8 million, 10-year loan facility secured from AgDevCo in November 2020 to support the macadamia operations. The company’s leadership and governance changes come as it navigates earnings pressure, agricultural risks and the restructuring of underperforming international operations.