10 Dec 2018 12:40
10 December 2018
AdEPT Technology Group plc
("AdEPT" or the "Company", together with its subsidiaries the "Group")
Directorate changes
AdEPT (AIM: ADT), one of the UK's leading independent providers of managed services for IT, unified communications, connectivity, voice and cloud services, announces the following Board changes.
The Board is pleased to announce that Phil Race is being appointed as an executive director with immediate effect and as Chief Executive from 1st January 2019, with Ian Fishwick becoming Chairman at that time.
Ian will continue to head the Group's acquisition initiatives, with Phil taking over the day to day management roles from Ian, while supporting him with M&A activities. Roger Wilson, the current Chairman, will become Deputy Chairman.
There are no changes to the composition of the Audit Committee and Remuneration Committee of the Company as a result of the Board changes.
Over a 20-year career Phil has headed businesses within Xchanging, SSP, Sirius and Logica (formerly CMG). He has extensive and highly relevant experience of IT Outsourcing and enterprise software, having led companies that deployed global, complex, mission critical solutions. Born in Cambridge and an Electronic Engineering graduate of Nottingham University, in 2000 Phil was awarded an MBA from Henley Management College.
Roger Wilson commented:
"Ian has successfully led the growth of AdEPT over the past 15 years from a start-up in his home in 2003 to a group of nearly 250 employees, generating an impressive £11.8 million EBITDA, turning less than £12 million of equity investment into a company valuation of £86 million as of today.
AdEPT is one of only three companies on AIM to have increased EPS in each of the last nine successive years and we now have a platform that is suitable for building into a much bigger group, able to execute larger and more sophisticated client requirements. The Board is very pleased to have secured the services of Phil Race, who has the experience to leverage this platform to further grow our recurring revenue streams organically. Phil will also work closely with Ian on identifying and capturing opportunities through acquisitive growth."
On a personal note I'd like to thank Ian for helping make my work as Chairman a great pleasure. I've enjoyed working with him immensely throughout the last 15 years. We've enjoyed success together, and I'd like to wish him all the very best in his new role as Chairman and I look forward to supporting him as Deputy Chairman."
Ian Fishwick said:
"I am pleased to welcome Phil as part of the Board at such an exciting time in the Company's history. We have built a diversified platform of complementary services that can expand both in terms of size and complexity of projects, but also further grow the geography within the UK. Having Phil on board allows me to focus on acquisition opportunities, which I will continue to pursue with great passion and where I will continue to work closely with him, whilst allowing him to handle the day to day operations of the Company.
It is clear that Phil has the necessary skills and experience to run and grow a diversified technology business with a strong focus on sales and marketing. We share the key values that make AdEPT so special - particularly in how we treat employees and customers. I am grateful to be able to continue to serve as Chairman and watch the Group to continue grow and prosper."
Phil Race added:
"I am delighted to be appointed as Chief Executive of AdEPT. It has become clear that AdEPT has huge strengths and great potential with a superb culture. I very much appreciate the expertise Ian has imparted since I joined and we have a shared vision for the business. These are exciting times in the ever changing and converging world of technology and communications. I look forward to building upon the strong foundations created by Ian and his leadership team, and developing close relationships with our partners and customers."
Additional information:
Phil Race, aged 52, currently holds or has held no directorships or partnerships in the past five years.
There are no other matters which are required to be disclosed in accordance with Rule 17 and paragraph (g) of Schedule Two of the AIM Rules for Companies.
Enquiries:
AdEPT Technology Group Plc Roger Wilson, Chairman Ian Fishwick, Chief Executive John Swaite, Finance Director
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07786 111 535 01892 550 225 01892 550 243
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Cantor Fitzgerald Europe Nominated Adviser & Broker Phil Davies / Marc Milmo |
020 7894 7000 |
About AdEPT Technology Group plc:
AdEPT Technology Group plc is one of the UK's leading independent providers of managed services for IT, unified communications, connectivity and voice solutions. AdEPT's tailored services are used by thousands of customers across the UK and are brought together through the strategic relationships with tier-1 suppliers such as Openreach, BT Wholesale, Virgin Media, Avaya, Microsoft, Dell and Apple.
AdEPT is listed on the London Stock Exchange (Ticker: ADT). For further information please visit: www.adept.co.uk