API trades in line as FD exits for McBride

PACKAGING materials group API is losing its finance director, Chris Smith, to another North West listed company, McBride.

Mr Smith will stand down from his role with Poynton-headquartered API at the end of the year. He will replace Middleton-based manufacturer McBride’s out-going chief finance officer Richard Armitage, who is leaving at the end of this month.

Welcoming Mr Smith, McBride chairman Ian Napier said: “He is a seasoned CFO who brings strong international experience in multi-site and multi-country organisations. I would like to wish him every success in his new role.”

Before Mr Smith starts his new job, on a date to be confirmed, David Main, McBride’s director of finance, will act as interim chief finance officer.

API said it had begun a process to identify Mr Smith’s successor, and added: “Chris has been with API since 2008 and made a significant contribution to the turnaround of the group and its restoration to financial health.  

“Whilst disappointed to be losing his services, the board understands Chris’ desire to make the next logical step in his career.”

In a separate statement the company said in a brief trading update that expectations for the current year are “consistent with what was indicated when full year results were announced on June 4th 2014”.

It said: “Laminates and Foils Europe are trading well and Holographics is on track to at least hold the breakeven performance established in the final quarter of last year.

“Foils Americas has continued to experience reduced demand from the metallic pigment sector, exacerbated by d-estocking of the supply chain.  Volumes are expected to start to recover in the second half and action has already been taken to re-align operating costs.

“Overall, the Board continues to expect progression in results compared to last financial year.”