New CFO for Clean Air Power as revenues rise 25%
LANCASHIRE automotive engineering company Clean Air Power, has appointed former BNFL and Speedy Hire executive Neill Skinner as its chief financial officer.
AIM-listed CAP, which counts Russian oligarch Roman Abramovich among its investors, develops dual-fuel engine management systems for heavy duty vehicles,
The Leyland-based company said Mr Skinner has been working with Pete Rowse, the outgoing finance director, since the beginning of this month to ensure a smooth handover. Mr Rowse has now left the business.
Mr Skinner spent his early career with Big Four accountancy firms, working in audit and then lead advisory, before moving on to hold senior finance roles in British Nuclear Fuels and, more recently, strategy and corporate development roles at Speedy Hire. He has worked in the UK, US, Middle East and Central Asia.
John Pettitt, chief executive of Clean Air Power said: “I am delighted to welcome Neill to the board and feel his international experience and background of developing commercial partnerships will be valuable to for the future growth of Clean Air Power.”
Meanwhile CAP’s results for the year to the end of December showed a 25% increase in revenues to £9.93m. Operating losses fell to £1.99m from £2.2m.
The company said it had sold 387 of its Dual-Fuel sytems in 2013, compared with 300 in the previous year. After raising £5.1m last August – the deal with saw Mr Abramovich’s Ervington Investments take a stake – it had £4m in cash at the year end.
Mr Pettitt said after a “strong performance” in 2013, the coming year would see the launch of CAP’s Dual Fuel products into the US and Russian markets where domestic natural gas reserves provide a “strong driver for adoption”, he added.
