1st Jun 2016 11:42
LONDON (Alliance News) - Feng Shui products and services company New Trend Lifestyle Group PLC on Wednesday said Non-Executive Chairman Robert Goddard has resigned with immediate effect, to be replaced by Gregory Collier.
Collier has more than 30 years of financial and commercial experience, having been involved in running businesses in contract cleaning, leisure, restaurant, property, and toy distribution. He is currently chairman of London-listed Eastbridge Investments PLC.
New Trend said Collier's appointment means the company is well-placed to implement its strategy to restore profitability.
Earlier on Wednesday, New Trend reported a wider pretax loss in 2015 as revenue fell in a challenging market.
The Singapore-based company said its pretax loss in 2015 widened to SGD1.2 million from SGD994,000 in 2014, as revenue fell to SGD7.9 million from SGD8.8 million.
New Trend said trading conditions were challenging throughout the year, but that it is continuing with efforts at cost reduction while implementing sales and marketing initiatives to improve sales.
"Trading conditions are expected to remain tough throughout 2016, and the group continues with its cost control and new sales and marketing initiatives. The board continues to evaluate new strategies for the company, and will update shareholders as and when appropriate," Chairman Robert Goddard said in a statement.
Shares in New Trend were untraded on Wednesday afternoon, last quoted at 2.06 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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