Redhall CEO departs as Kelly takes FD role
REDHALL Group has issued a profits warning as it parted company with its chief executive.
The Wakefield-based specialist engineering support services group said CEO Richard Shuttleworth had resigned with immediate effect and will be replaced by group commercial director Phil Brierley.
Interim finance director Chris Kelly, the former FD of Town Centre Securities, has been appointed to group finance director as chairman David Jackson moved to reassure the market that the company has the support of its key customers and bankers HSBC.
Redhall said that it had reviewed its forecasts and had “moderated its expectations” ahead of its half year results, which will be announced next Thursday.
It said that follows further delays in the timing of major contracts and a more “cautious assessment of the timing and impact of new business prospects” and its results for the year will be similar to those of las year.
David Jackson, commented: “The group continues to have a strong relationship with its key customers. Although the programmes of work from our major clients are suffering substantial delays we are confident we will deliver our recovery plan albeit over an extended timeframe. The Group is seeking to further broaden its customer base to reduce the reliance on existing major customers.”
Chris Lewis-Jones stood down as group finance director and company secretary last month.