18th Mar 2025 07:00
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
Touchstar plc
(the "Company", "Touchstar" or the "Group")
Directorate Change and Strategic Update
The Board announce the first action designed to accelerate the rate of development of the business
Lynden Jones to succeed Mark Hardy as Chief Executive Officer (CEO)
Company reaffirms it expects 2025 to be a year of revenue growth and increased profitability
Touchstar plc (AIM: TST), suppliers of mobile data computing solutions and managed services to a variety of industrial sectors, is pleased to announce today, following the conclusion of the strategic review, the first stage of the plan to build beyond the operational and financial performance of the Group. The objective of the plan is to accelerate to the next stage of development, increase the underlying value of the business and enhance returns to shareholders.
The four drivers of the plan, further details of which will be incorporated in the announcement of the financial results for the year ended 31 December 2024 expected in the week commencing 28 April 2025, are to:
· increase the rate of organic growth through further investment in the fuel delivery business in overseas markets and building on the ability of the Group's technology platform and solutions to be applied in a wider range of vertical sectors;
· change the management team to facilitate the execution of this;
· increase the Company's marketing and promotional activities; and
· return the surplus cash to shareholders with the intention of returning up to £1 million over the next year through either share buybacks in addition to dividend payments.
The initial step in this plan is the appointment of Lynden Jones as a Director of the Company with immediate effect. Lynden will succeed Mark Hardy as CEO on 1 July 2025. Mark will remain as a director of the Company and his experience and guidance will be available to the Company for a year. Ian Martin will remain as Chair and oversee both the transition and be actively involved in the next stage of growth.
Lynden is the managing director of the Company's subsidiary, Touchstar ATC Limited ("ATC") and under his leadership ATC has been transformed. Revenue has grown 29% over the last two years, it has gained access to new and exciting sectors and the financial performance further improved by a move to a SAAS/ recurring revenue driven model.
He has been with the Company for over 14 years. His focus is on workforce management for complex environments such as hospitals, education, food manufacturing, and high-end retail. Starting in the sales department at Feedback Data (which was acquired by the Company in 2013), he rose to Managing Director, and successfully enhanced customer experience and improved operationally efficiency and profitability.
As reported in the trading update on 17 February 2025 we entered 2025, with optimism of a good year, with the expectation of growth in revenue and profitability - we remain of that opinion.
Touchstar Chairman, Ian Martin, said: "Mark and I have worked hand in hand to transform this business. On behalf of the Board, the Company, all employees and myself I would like to thank him for his leadership and the opportunities that his work has created. Touchstar has an exciting future and I look forward to working with Mark and Lynden over the coming months as we transition with confidence and enthusiasm to new leadership."
The following information is disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies.
Lynden Neil Jones, aged 44, is or has been a director or partner of the following companies during the five years preceding the date of this announcement:
Current directorships / partnerships | Past directorships / partnerships within the last five years |
Factis Ltd | None |
Touchstar ATC Limited White Top Industries Ltd |
Lynden Jones holds 32,000 options over ordinary shares in Touchstar plc and does not hold any other interest in Touchstar plc.
There is no further information to be disclosed pursuant to paragraph (g) of Schedule 2 of the AIM Rules.
For further information, please contact:
Touchstar plc Ian Martin Mark Hardy | www.touchstarplc.com 0161 874 5050 0161 874 5050 |
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Zeus - Nominated Adviser & Broker Investment Banking - Mike Coe/Darshan Patel
| 0203 829 5000 |
Information on Touchstar plc can be seen at: www.touchstarplc.com
Related Shares:
Touchstar Plc