24th Aug 2015 07:32
LONDON (Alliance News) - APC Technology Group PLC on Monday said it has replaced its chief executive in the wake of the profit warning it issued last week.
The electronic components supplier said Mark Robinson has resigned as its chief executive with immediate effect and has been replaced by Richard Hodgson. Hodgson moves from his role as chief financial officer and is the former chief operating officer of Green Compliance PLC, the the water treatment and hygiene firm APC acquired in September last year.
APC said Hodgson will work closely with Chairman Leonard Seelig and the company's board on the operational review the business is currently undertaking.
On Tuesday, APC said that whilst it expects to meet market expectations for its full year revenue, its underlying operating profit for the year to end-August will fall below market expectations.
APC said following a detailed project profit margin analysis in its three main operating divisions, it has become clear that margins achieved by its Minimise Energy business have been hit by excessive freight charges and other costs it incurred to meet delivery times on a number of contracts.
It also expects its Minimise Generation and Minimise American businesses to fall short of its expectations for the full year, as contracts in the UK market have not materialised as expected, and business in the Americas has developed more slowly than previously expected, partly due to the short-term fall in energy prices.
Shares in APC were down 9.0% to 8.7625 pence in early trade.
By Sam Unsted; [email protected]; @SamUAtAlliance
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