nmcn PLC - Nottinghamshire-based engineering and construction - Hires Alan Foster from National Grid PLC to be chief financial officer and board director. Foster has been with the electricity transmission network for 20 years, most recently as CFO of the UK regulated businesses and as group finance transformation director. Foster will join nmcn in early 2021. Back in September the company said Chief Executive Officer John Horner would step down immediately, without giving a reason, with Chair Robert Moyle stepping in as acting CEO. Earlier this month, nmcn said it expects to report an annual pretax loss of between GBP13.5 million and GBP15.0 million in 2020, swinging from GBP7.4 million profit.
"Following the announcement of the board changes and the subsequent internal review undertaken, a number of issues have come to light which are concerning and are being addressed," Acting Chair Ian Elliott commented. "Decisive action is being taken by the board to limit the impact on the business and to ensure that the good relationships which the group has enjoyed with its customers for many years are maintained." He added: "The combination of the coronavirus impact and the company's internal issues is challenging, but the board remains confident of the market opportunity and the group's ability to successfully address it."
Current stock price: 192.20 pence
Year-to-date change: down 68%
By Tom Waite; thomaslwaite@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.