Hightex Group Share News (HTIG)

Hightex, the London-listed firm responsible for the roofs at two of South Africa's new World Cup stadiums, has made finance boss Frank Molter the company's new chief executive. Molter, finance director since March 2004 and chief operating officer for the past two years, "will concentrate on leading the business and implementing its strategy".The former media man and accomplished linguist, Molter, has an "excellent understanding" of the company based in Bavaria, Germany."Since joining the Company in 2004 he has made a huge contribution in helping the transformation of Hightex from a loss making business into a profitable and world leading position today," said executive chairman Charles DesForges. American DesForges, non-executive director Charles Sebag-Montefiore and chief commercial officer keep their jobs.Hightex has been involved in big projects like the new retractable roof over Centre Court at Wimbledon, and has supplied the membrane covering the roof at both the Green Point stadium in Cape Town and Soccer City ground in Johannesburg.The installation and design of roofs and facades for stadiums and other large structures has proved lucrative for the business that turned in a maiden profit of €800,000 in 2009 as turnover reached €20m."We view this as a good appointment and an important step in the strategic development of Hightex," said broker FinnCap.It says the share price has been "surprisingly weak" over the past three months considering the company has 100% of its 2010 revenue and 40% of 2011 sales already visible and a potential pipeline of projects of €150m. Finncap doesn't think the stock's rating is demanding, so keeps its target price of 12p.