LONDON (Alliance News) - Formation Group PLC Friday said it has appointed former Irish Minister for Defence William O'Dea as its non-executive chairman with immediate effect.
O'Dea is a an Irish Fianna Fáil politician and a Teachta Dála, the equivalent of a member of parliament, for the Limerick City constituency. He served as the Minister for Defence from 2004 until early 2010.
Formation Group shares were down 11.1% at 1.6 pence Friday morning, after the property development and project management business earlier said its losses widened in the first half, as its cost of sales rose while gross profit margin fell due to compensation issues on a recently managed project.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
Copyright 2014 Alliance News Limited. All Rights Reserved.
