API Group FD heads to McBride

by Richard Crump

More from this author

15 Jul 2014

  • Financial Director
  • Comments
cleaning

AIM-LISTED MANUFACTURER API Group has lost its finance director, Chris Smith, to household goods supplier McBride, the company has said.

Smith, who has served as group FD at API since 2008 and is credited by the company for his "significant contribution" to the turnaround of the group and its "restoration to financial health", will replace outgoing McBride chief financial officer Richard Armitage later this year.

Iain Napier, McBride chairman, said Smith is a "seasoned CFO" with "strong international experience in multi-site and multi-country organisations".

The appointment comes a month after McBride announced plans to cut about a quarter of its 1,600 UK workforce as part of a strategic review of the business, triggered by a deterioration in the retail environment in UK.

McBride said it was looking at "further opportunities" to restructure the group's activities, remove unprofitable businesses and reduce capacity in the UK in order to improve profitability. It expects to generate savings of circa £12m by June 2016, with some £3m coming through in 2015.

As a consequence of the review, the board expects to impair the value of assets in the UK by £21m, including £6m of goodwill, in the current financial year, McBride stated in June. The company, which makes dishwashing tablets, washing powders and air fresheners, reported a pre-tax profit of £3.7m for the six months to the end of December 2013.

Chris Bull, McBride group CEO, said the "robust plan" would help restore UK profitability.

"We will exit some business in non-core un-profitable categories, but our capacity to meet growth opportunities in our core categories remains unaffected. We will be entering into full and meaningful consultation with colleagues affected by these proposals," Bull said in a 30 June trading update.

Shares in McBride were up 1.33%, to 95p, in morning trading on the LSE.

More company and markets data can be found at the Share Price Centre

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.