Abrdn Property Share News (API)

LONDON (Alliance News) - Household and personal-care products company McBride PLC Tuesday said it has recruited API Group PLC's finance director, Chris Smith, to be its new chief finance officer.

Smith is currently the group finance director of foils and packaging material manufacturer API Group, where he has been since 2008, and helped turnaround the business. Prior to API, Smith was finance and IT director of Europe and Asia at Scapa PLC.

McBride said its current chief financial officer, Richard Armitage, will leave the company at the end of July, while Director of Finance David Main will act as interim CFO until Smith joins at the end of the year.

In a statement Tuesday, API said Smith will leave the company at the end of the calendar year, and it has now begun searching for a new successor.

"Whilst disappointed to be losing his services, the board understands Chris's desire to make the next logical step in his career," said API in its statement.

Separately, API Group said trading continues to improve on last year, and its expectations for the current financial year remain unchanged. It said its Laminates and Foils Europe business are trading well, and the Holographics business is on track to at least hold the breakeven performance established in the final quarter of last year.

The company said its Foils Americas business continues to see reduced demand from the metallic pigment sector, but its expects volumes to pick up in the second half of the year.

McBride shares opened 3.2% higher Tuesday at 96.75 pence, while API Group shares were down 2.8% at 70.00 pence.

By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty

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