TIDMFLO
RNS Number : 0484B
Flowtech Fluidpower PLC
18 September 2018
NEWS RELEASE
Issued on behalf of Flowtech
Fluidpower plc
Immediate Release
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
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 GBP5.3m in 2013 to GBP9.1m 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.
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 April 2018 Manufacturer of hydraulic components
S.p.A.
James Briggs Limited September 2016 Chemicals manufacturing
Premier Topco Limited September 2015 High performance fuels
Coryton Advanced Fuels September 2015 High performance fuels
Limited
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 2015 Commercial manufacturer of carpet
Limited 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 2012-2014 Wholesaler of flow technology
Limited 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 2003-2010 Industrial provider of flow
Limited 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 Founded as Flowtech in 1983, the Flowtech Fluidpower Group is the UK's
leading specialist supplier of technical fluid power products. The
business joined AiM in 2014. Today, the Group has four distinct divisions:
Division: What we do: Locations:
---------------- ---------------------------------- ----------------------------------
Flowtechnology focus on supplying distributors Flowtechnology Benelux (Deventer)
and resellers of industrial Flowtechnology China (Guangzhou)
MRO products, primarily serving Flowtechnology UK (Skelmersdale)
urgent orders rather than bulk Indequip (Skelmersdale)
offerings. It offers an Beaumanor (Leicester)
unrivalled
range of OEM and Exclusive
Brand products to over 5,000
distributors and resellers.
The catalogue is recognised
as the definitive source for
fluid power products, containing
100,000 individual product
lines and are distributed to
more than 80,000 industrial
MRO end users.
---------------- ---------------------------------- ----------------------------------
Power Motion Specialise in the design, Primary Fluid Power (Knowsley)
Control (PMC) assembly Nelson Hydraulics (Dublin,
and supply of engineering Lisburn, Dungannon, UK)
components TSL Fluid Power (West Yorkshire)
and hydraulic systems and is Albroco (Knowsley)
further enhanced by a service HTL (Ludlow)
and repair function. Hi-Power Hydraulics (Cork,
Dublin, Belfast Manchester)
Hydroflex (Brussels, Rotterdam
and OudBeijerland)
Hydraulic Equipment Supermarkets
(Gloucester, Leeds, Birmingham,
Durham)
Branch Hydraulic Systems
(Gloucester)
HES Tractec (Gloucester)
HES Automatec (Gloucester)
HES Lubemec (Gloucester)
Derek Lane & Co (Newton Abbot,
Devon)
---------------- ---------------------------------- ----------------------------------
Process Focus on the supply of industrial Hydravalve (Willenhall)
components and solutions to Orange County (Spennymoor)
the process sectors.
---------------- ---------------------------------- ----------------------------------
Onsite Services During 2018, the Group is HES Onsite (Durham, Leeds,
extending Birmingham, Gloucester)
its service offering to include
Onsite Technical Maintenance
through highly skilled engineers.
---------------- ---------------------------------- ----------------------------------
All four of the Group's divisions have overlapping product sets, allowing
procurement synergies to be maximised.
The above divisions are supported by a centralised back office team
at the Skelmersdale site and a procurement and quality control team
in Shanghai. In total, the business employs over 600 people.
For more information please visit, www.flowtechfluidpower.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
BOAGGUUUBUPRUUR
(END) Dow Jones Newswires
September 18, 2018 02:02 ET (06:02 GMT)
Flowtech Fluidpower (LSE:FLO)
Historical Stock Chart
From Apr 2024 to May 2024
Flowtech Fluidpower (LSE:FLO)
Historical Stock Chart
From May 2023 to May 2024