24 Aug 2015 07:00
24 August 2015
APC Technology Group PLC
("APC" or the "Group")
Change of Management
Following on from the pre close trading statement of 18 August 2015, APC announces the following management change.
Mark Robinson has resigned as Chief Executive Officer (CEO) and Director of APC. The Board has appointed Richard Hodgson as CEO with immediate effect.
The Board would like to thank Mark for his contribution over many years and would like to wish him all the best in his future endeavours. Mark will work as a consultant to APC with a focus on supporting the Group with its key customer relationships.
Prior to joining APC as Chief Financial Officer and Director, Richard was Chief Operating Officer during the turnaround of Green Compliance plc ("Green") and at the time of the acquisition of Green by APC in September 2014.
Richard will work closely with the Chairman and the Board on the operational review currently being undertaken as well as the implementation of its findings that are due to be communicated in the late autumn.
The Board is confident in the future prospects of the Group due to the high level of recurring revenue in the component distribution and water businesses as well as the strength of the sales pipeline that has been developed in the Energy business. As we enter fiscal year 2016, Group recurring or contracted revenue accounts for two thirds of forecasted revenue, which due to its nature provides regular and robust cash flow.
Leonard Seelig, Chairman of APC Technology Group, commented:
"I would like to thank Mark for all of his hard work and commitment over the years and I wish him all the best in his new endeavours. I am confident that Richard, our new CEO, along with the other members of the management team, will deliver the operational and financial improvements required to re position the Group for profit and cash generation in the new fiscal year."
Enquiries:
APC Technology Group PLC | 01634 290588 |
Leonard Seelig, Chairman Richard Hodgson, Chief Executive Officer
| www.apc-plc.co.uk |
Cantor Fitzgerald Europe Limited (Nominated Advisor and Broker) | 020 7796 8800 |
Andrew Craig / Will Goode (Corporate Finance)
| |
Redleaf Communications (Financial PR) | 020 7382 4730 |
Rebecca Sanders-Hewett / David Ison / Susie Hudson | |
Notes to Editors:
Since 2009 APC has been in a process of diversification. The distribution of specialist electronic components, which has represented the majority of revenues since incorporation in 1982, remains a key part of the business. But the rapid growth of Minimise Energy, coupled with the recent acquisition of Green Compliance has created a sustainability-focussed business that is set to grow rapidly, with the potential to generate significant, profitable growth for the foreseeable future.
APC's sustainability related activities are designed to offer its clients a simple, 'one stop shop' approach to meeting their sustainability obligations. With sustainability related consulting, energy management, water management and project financing under one roof the relationships required to overcome the obstacles which have historically held up sustainability enhancing projects are being created.
APC's electronic component distribution business, trading as Advanced Power Components, sells specialist components into defence, aerospace, space, transportation medical and industrial sectors. The Group's value-add business model, centred upon the technical experience and capabilities of the Group's sales engineers, are of value to both clients and suppliers, for whom APC typically acts on an exclusive basis.