| Senior plc appoints Nicholls |
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| Tuesday, 01 April 2008 | |
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Senior plc has appointed Simon Nicholls as group finance director.
He will join the board with effect from 1 May 2008. Nicholls, 43, joins the group from Hanson plc, where he worked for nine years, latterly as group financial controller and then chief financial officer for Hanson's North American operations. He is a chartered accountant having qualified with Price Waterhouse. Senior's (LSE:SNR) chairman, Martin Clark, said "I am very pleased to welcome Simon Nicholls to Senior. His personality, financial experience and extensive international exposure, particularly to North America, make him a great addition to the group." Senior is an international manufacturing group with operations in 11 countries. Senior designs, manufactures and markets high technology components and systems for the principal original equipment producers in the worldwide aerospace, diesel engine, exhaust system and energy markets. The group consists of two divisions. Aerospace, representing 52 per cent of group turnover, produces engine structures and mountings, metallic high-pressure ducting, air-frame and other structural parts, composite low-pressure ducting, and helicopter machined parts. Flexonics, representing 48 per cent of group turnover, specialises in flexible exhaust connectors, cooling and emission control components, and diesel fuel distribution pipework, metallic and fabric expansion joints, flexible metallic hoses, and ventilation ducting for industrial applications. The group delivered a 91 per cent increase in adjusted profit before tax in its final results for the year ended 31 December 2007. Group revenue increased by 21 per cent to £470.7m, compared to £387.9m in 2006, and operating profit increased by 69 per cent to £41.5m, up from £24.5m in 2006. This was largely due to the increased build rates for civil aircraft, strong energy markets, the new heavy duty diesel products going into production, and full year contributions from AMT and Sterling Machine. Group revenue increased by 18 per cent and adjusted operating profit increased by 57 per cent, on a constant currency basis and before the benefit of acquisitions. Related links |
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As the economy hits the most significant downward cycle in 50 years, finance directors must take stock of their companies' remuneration and compensation packages.