Embargoed Release: 07:00hrs Friday 20 March 2009
HARTEST HOLDINGS PLC
("Hartest", or "the Company", or "the Group")
DIRECTORATE CHANGES & TRADING UPDATE
March 2009
Hartest Holdings PLC, the supplier of specialist instrumentation and medical
equipment, today issues a summary of changes in the directorate together with a
further trading update.
The Board is announcing a restructuring, intended to accommodate the changing
focus of our operations and reduce central costs by a significant sum. Peter
Ward (Chairman), Robert Porter (Group Finance Director), and Max Dyer Bartlett
(Non-Executive Director and Company Secretary) are stepping down from their
directorships and positions with the Company today in order to pursue their
other interests. The Board would like to thank them for their valuable
contributions to the Group.
To facilitate the changes, Geoff Spink will take on the role of Executive
Chairman, in addition to his existing role as Chief Executive; David Kempton
will become Deputy Chairman and senior non-executive director; Jan Holmstrom
will be appointed Company Secretary in addition to his role as non-executive
director.
In our statement last month, we indicated that the Group typically experiences
a strong bias in trading in the final quarter of the year. As we approach the
year end, it is becoming clear that both sales and margins are likely to be
slightly lower than our original expectation. In addition, we have taken the
prudent decision to include a higher proportion of total subsidiary relocation
cost in the current year. Although it is still too soon to form a final view of
the outcome for the year, it is clear from the changes referred to above that
pre-tax losses in the current year will exceed previous estimates. Despite
this, we do still anticipate a positive operating profit prior to non-recurring
charges.
The Group and its underlying portfolio of niche businesses remain robust and
well financed. We firmly believe that the measures we are undertaking,
reflected in part by the non-recurring expenditure in the current year, will
lead to significantly reduced cost and increased efficiencies, to enable the
Company to operate more profitably in the future.
-ENDS-
Enquiries - please contact:
Geoff Spink Hartest Holdings Plc 01252 749 530
Executive Chairman
Vikki Krause Hansard Group 020 7245 1100
Financial Public Relations
William Vandyk Blue Oar Securities 020 7448 4400
Nominated Adviser and Broker