Flowtech Fluidpower chief executive steps down

Sean Fennon is to step down as chief executive at Skelmersdale-based Flowtech Fluidpower after nine years in the role.

He will retire at the end of the year from the AIM-listed technical fluid power products specialist, he announced this morning.

Mr Fennon will relinquish his executive duties and step down from the board with immediate effect and remain with the group in an advisory capacity until December 31.

The board has announced that Bryce Brooks, 53, will take up the role of chief executive with immediate effect and will continue to fulfil the role of chief financial officer until the appointment of the new CFO, Russell Cash, takes effect on November 1.

Mr Fennon joined the business in December 2009, having already had a successful career within the industrials’ arena.

Bryce joined him during 2010 as CFO.

Together they refocused the overall strategy of the group, preparing for the successful flotation in May 2014.

Since then the group has pursued both an organic and acquisitive growth strategy, increasing the profitability of the group from £5.3m in 2013 to £9.1m in 2017, with further significant progress expected in 2018, creating the leading specialist fluid power group in the UK and extending its footprint into Europe.

Russell Cash, 51, is a qualified chartered accountant with more than 30 years’ business advisory experience.

He originally trained with PwC, where he worked for more than 20 years in the UK and across Europe.

Following this, he served five years as a partner at Baker Tilly (now RSM) and played a major part in developing the business in the North of England and Scotland.

Currently, Russell is a partner at FRP Advisory LLP, based in Manchester, where he has been instrumental in the success and expansion of the business, both in terms of geography and the range of services provided.

Flowtech also announced this morning that Bill Wilson will join the team as non-executive director, an appointment he will take up with immediate effect.

He has previous working experience of the Flowtechnology business having held the position of non–executive chairman at Fluidpower Holdings Ltd for 18 months prior to the AIM-listing and the exit of Gresham Private Equity in May 2014.

Mr Wilson, 63, has extensive domestic and international commercial experience in the private equity, private and public company arena.

His core skills are centred around the manufacturing and industrials sectors where, over a 30-year career, he has worked in the UK and within North America, the Far East and Europe.

He has also had extensive involvement in international mergers and acquisitions.

Mr Wilson will chair the remuneration committee and sit as a member of the audit, AIM compliance and nomination committees.

Commenting on the changes, Malcolm Diamond, non-executive chairman at Flowtech said: “Sean leaves the business in good hands with a strong and respected executive team capable of further enhancing the model we have today.

“On behalf of everyone in the business and all our stakeholders I thank Sean for his immense contribution and wish him well in his retirement.”

He added: “At the same time, I congratulate Bryce on his promotion and look forward to continuing to work with him at the helm.

“In summary, I am confident that, combined with the current members of the board and the executive management teams, Russell’s and Bill’s experience will be a significant asset as the business continues to focus on the delivery of its strategy.”

Flowtech also announced its six month results to June 30, to the Stock Exchange today.

They revealed that revenues leapt from £34.173m to £56.422m, while pre-tax profits of £4.153m compared with £3.110m last year.