Board Changes

RNS Number : 1160D

Severfield PLC

29 January 2018

 

29 January 2018

Severfield plc

("the Company" or "the Group")

Board Changes

Severfield plc, the market leading structural steel group, announces that Ian Lawson will be standing down from the Board of Severfield plc.

Alan Dunsmore becomes Chief Executive Officer and Adam Semple Finance Director, both on a permanent basis, having held those roles on an interim basis since 28 March 2017.

Ian Cochrane remains Chief Operating Officer and will continue to deliver on Severfield's operational strategic objectives.   

John Dodds will remain in the role of Chairman on a non-executive basis.

All the above Board changes and appointments will be effective from 1 February 2018.

John Dodds, non-executive Chairman, said:

"I would like to pay tribute to Ian Lawson's tremendous contribution to the Severfield business since his arrival in November 2013. He has been the architect of the Group strategy, setting the target of doubling our underlying pre-tax profits by 31 March 2020. Under his leadership Severfield is well on track to deliver against this important milestone. Ian leaves with our thanks and best wishes.

I would also like to acknowledge the important roles that Alan, Adam and Ian Cochrane have played over the last year and look forward to working with all of them as Severfield continues to deliver on its growth strategy."

Further information, please contact:

Severfield plc	John Dodds	01845 577896
	Alan Dunsmore	01845 577896
Jefferies International Limited	Simon Hardy	020 7029 8000
	Will Soutar	020 7029 8000
Camarco	Ginny Pulbrook	020 37574992
	Tom Huddart	020 37574991

Legal Entity Identifier of the Company:  21380025AWPR781CY104

Classification: 3.1

Notes to Editors:

Severfield is the UK's market leader in the design, fabrication and construction of structural steel, with a total capacity of c.150,000 tonnes of steel p.a., which represents c. 17% of UK structural steel production.

The Group has four UK sites, 1,400 staff and has expertise in large, complex projects across a broad range of end markets. The Group also has an established foothold in the developing Indian market through its joint venture partnership with JSW Steel (India's largest steel producer).

The Severfield management team has successfully undertaken an operational turnaround plan since 2013 and in 2016 set out key KPIs which they plan to deliver by 2020: to double profit before tax to £26m, and to deliver cash generation of over 85% as a base level of achievement.

.

 

END

 

 

BOAMMGZMNVGGRZM