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18 Sep 2018 07:00
NEWS RELEASE
Issued on behalf of Flowtech Fluidpower plc Immediate Release |
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The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
FLOWTECH FLUIDPOWER PLC ("Flowtech Fluidpower" the "Group" or "Company")
Directorate Changes
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London, Tuesday, 18 September 2018: As stakeholders know, the last 18 months have been the most active and demonstrative to date of the Group's growth strategy. Consequently, as part of the process of developing both our UK and international footprint, we have been reviewing and implementing several operational initiatives to support the infrastructure and future growth plans. This includes investments in both capacity and people, including adding experience at both PLC and operating management levels. In addition to widening the teams' skills, contacts, knowledge and expertise, these initiatives provide the next layer on the already strengthening market position and solid business foundation and, support our ongoing aspiration to create a focussed full-service fluid power provider across the UK, Ireland and Europe.
As part of these plans the Company announces the following changes to the Board:
Executive Board retirement and promotion
Sean Fennon, CEO for the last 9 years, has decided that he wishes to retire from the business at the end of 2018. Sean will relinquish his executive duties and step down from the Board with immediate effect and remain with the Group in an advisory capacity until 31 December 2018.
The Board is delighted to announce that Bryce Brooks (aged 53) will take up the role of CEO also with immediate effect and will continue to fulfil the role of CFO until the appointment of the new CFO as detailed below.
Sean joined the business in December 2009 having already had a successful career within the Industrials' arena. Bryce joined him during 2010 as CFO. Together they refocussed the overall strategy preparing for the successful IPO in May 2014. Since then the Group has pursued both an organic and acquisitive growth strategy increasing the profitability* of the Group from £5.3m in 2013 to £9.1m in 2017, with further significant progress expected in 2018, creating the leading specialist fluid power group in the UK and extending its footprint into Europe.
Board appointments:
Russell Cash - Chief Financial Officer The Board is pleased to announce that Russell Cash will take up the position as Chief Financial Officer with effect from 1 November 2018.
Russell (aged 51), is a qualified chartered accountant with more than 30 years' business advisory experience. He originally trained with PwC, where he worked for over 20 years in the UK and across Europe. Following this, he served five years as a partner at Baker Tilly (now RSM) and played a major part in developing the business in the North of England and Scotland. Currently, Russell is a Partner at FRP Advisory LLP, based in Manchester, where he has been instrumental in the success and expansion of the business, both in terms of geography and the range of services provided.
The Board consider that adding Russell's experience and knowledge will provide strong leadership and expertise to the current central group finance function. At Board level, the core skills which Russell has developed advising a broad range of businesses and stakeholders will be invaluable in supporting the Group's ambitious plans over the coming years. |
Mr Bill Wilson - Non-executive Director The Board is also delighted to announce that Bill Wilson will join the team as Non-executive Director, an appointment he will take up with immediate effect. Bill has previous working experience of the Flowtechnology business having held the position of Non-executive Chairman at Fluidpower Holdings Ltd for 18 months prior to the IPO listing and the exit of Gresham Private Equity in May 2014.
Bill (aged 63), has extensive domestic and international commercial experience in the private equity, private and public company arena. His core skills are centred around the manufacturing and industrials sectors where, over a 30-year career, he has worked in the UK and within North America, the Far East and Europe. He has also had extensive involvement in international M&A. During his career, he has shown resilience and the proven ability to focus on both building established and start-up businesses to growth and profitability.
Bill will Chair the Remuneration Committee and sit as a Member of the Audit, AIM Compliance and Nomination committees.
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Commenting on the changes Malcolm Diamond MBE, Non-Executive Chairman at Flowtech said:
"Sean leaves the business in good hands with a strong and respected executive team capable of further enhancing the model we have today. On behalf of everyone in the business and all our stakeholders I thank Sean for his immense contribution and wish him well in his retirement."
"At the same time, I congratulate Bryce on his promotion and look forward to continuing to work with him at the helm."
"In summary, I am confident that combined with the current members of the Board and the executive management teams, Russell's and Bill's experience will be a significant asset as the business continues to focus on the delivery of its strategy."
Today, Flowtech also released its 2018 Half-year results - to read follow this link http://www.rns-pdf.londonstockexchange.com/rns/0484B_1-2018-9-18.pdf
Enquiries to:
Flowtech Fluidpower plc
Malcolm Diamond MBE, Chairman
Bryce Brooks, Chief Executive Officer and Chief Financial Officer
Tel: +44 (0) 1695 52796
Zeus Capital Limited (Nominated Adviser and Broker)
Andrew Jones, Alistair Donnelly (corporate finance)
Dominic King, John Goold (sales & broking)
Tel: +44 (0) 161 831 1512
finnCap Limited (Joint Broker)
Ed Frisby, Kate Bannatyne (corporate finance)
Rhys Williams, Andrew Burdis (sales & broking)
Tel: +44 (0) 20 7220 0500
TooleyStreet Communications (IR and media relations)
Fiona Tooley
Tel: +44 (0) 7785 703523 or email: fiona@tooleystreet.com
* Underlying operating result is continuing operations' operating profit before acquisition costs, amortisation of intangible assets, share-based payment costs, restructuring costs and IPO costs as shown in the financial statements.
The following information is disclosed as required under Schedule Two paragraph (g) of the AIM Rules for Companies.
Russell Cash:
Russell Cash's current directorships are listed below:
Company | Appointed | Sector |
FRP Advisory LLP | May 2013 | Professional Services |
Bill Wilson:
Bill Wilson's current directorships are listed below:
Company | Appointed | Sector |
Manuli Rubbers Industries S.p.A. | April 2018 | Manufacturer of hydraulic components |
James Briggs Limited | September 2016 | Chemicals manufacturing |
Premier Topco Limited | September 2015 | High performance fuels |
Coryton Advanced Fuels Limited | September 2015 | High performance fuels |
Previous directorships including all of those held within the last five years are listed below:
Company | Tenure | Sector |
Premier Bidco Limited | 2015-2017 | High performance fuels |
Stewart Group EMB Limited | 2015-2017 | Manufacture and supply of technical plastic moulded products |
Gradus Group Holdings Limited | 2015 | Commercial manufacturer of carpet and accessories |
Gradus Limited | 2014-2015 | Commercial manufacturer of carpet and accessories |
IESA Limited | 2012-2014 | Indirect materials storage and supply chain management |
Fluidpower Holdings Limited | 2012-2014 | Wholesaler of flow technology products and services |
Davian Enterprises LLC | 2009-2011 | Manufacturer of tire tooling and machinery |
Trifast plc | 2008-2009 | Manufacturer and distributor of high-quality industrial fasteners |
ERIKS Industrial Services Limited | 2003-2010 | Industrial provider of flow technology and power transmission products and solutions |
WYKO Group Limited | 2003-2006 | Global engineer and distributor of power transmission products |
There are no further disclosures required under Schedule Two paragraph (g) of the AIM Rules for Companies.
About Flowtech Fluidpower plc
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