City Briefs: Pressure Technologies; Mobile Tornado; and more
Listed Sheffield-based specialist engineering group, Pressure Technologies, says it is working on a basis of “business as usual, with caution.”
All its sites remain open, though the firm says it will continually review this and adapt its approach in line with any changes to Government guidelines.
Its update notes: “Key customers of both our CSC and PMC divisions have confirmed their status as supporting either UK Critical National Infrastructure or strategic defence contracts and requested our confirmation of continued operation during COVID-19 restrictions, subject to meeting UK Government guidelines on workforce protection, which we have done.
“Given the level of uncertainty in the outlook, the Board has decided to withdraw guidance and forecasts.
“We are in regular and constructive dialogue with Lloyds Bank regarding ongoing facility requirements and the impact of foreseeable COVID-19 disruption on operations and the leverage covenant.
“The Group’s £12m Revolving Credit Facility (RCF) is currently drawn at £9.3m.”
Chris Walters, chief executive of Pressure Technologies, said: “While COVID-19 and a very low oil price present an uncertain outlook, I am confident the management and operational changes already made over the past year will help the business navigate through this challenging period and return to cash generative growth.
“We have strong order books in both Chesterfield Special Cylinders and Precision Machined Components divisions and will endeavour to fulfil customer orders on time, while prioritising the safety and well-being of our employees as we adapt to very different ways of working and living.”
:::
Harrogate-based communications technology firm Mobile Tornado has seen its total revenue increase by 16% to £3.45m (2018: £2.97m).
The company, which has published its audited results for the year ended 31 December 2019, also said its gross profit increased by 19% to £3.17m (2018: £2.66m).
Group operating loss for the year fell to £0.32m (2018: £1.28m) and at an adjusted (pre IFRS 16) level decreased to £0.33m (2018: £1.28m).
Loss after tax was £0.82m (2018: £1.54m) and at an adjusted (pre IFRS 16) level of £0.80m (2018: £1.54m).
Mobile Tornado highlighted strategic client wins in multiple territories and across an array of customer types including government agencies, municipalities and large enterprises.
Jeremy Fenn, chairman of the business, said: “There has been a clear shift in the global demand for PoC solutions over the past 12 months which is very positive for the company given its offering and strategic position.
“At the mission-critical end of the market, existing narrowband LMR networks are reaching the end of their useful life and customers are starting to migrate to new cellular solutions.
“We are seeing enterprises with similar business critical needs follow suit.
“Whilst there is considerable uncertainty in the market at present, given the impact of Covid-19, we believe we are well placed to deliver further progress during 2020.”
:::
Hull-based medical equipment manufacturer Smith & Nephew says Anne-Francoise Nesmes has been appointed its new chief financial officer.
She will join Smith+Nephew by 3 August 2020, once her current commitments have concluded, when she will also be appointed to the Board as an executive director.
Nesmes is currently CFO of Merlin Entertainments, the world’s second-largest visitor attraction operator, a position she has held since August 2016. She is also a non-executive director of Compass Group PLC.
Prior to Merlin, she was CFO of FTSE 250 specialist animal health company Dechra Pharmaceuticals PLC (2013-2016), and held a variety of increasingly senior roles at GlaxoSmithKline plc in the UK and overseas (1997-2013), including senior vice president of finance for the £3.5bn revenue vaccines business.
She qualified as a Chartered Management Accountant and has an MBA from Henley Management College.
Roland Diggelmann, chief executive Smith+Nephew, said: “Anne-Francoise is an exceptional finance leader who has demonstrated her effectiveness supporting ambitious strategic, investment and efficiency programmes in both healthcare and other sectors.”
Nesmes said: “This is a wonderful opportunity to join a major global healthcare company with a strong heritage and exciting long-term prospects.
“I look forward to working with Roland and the team, and supporting their ambitious vision for Smith+Nephew.”
Graham Baker will step down as CFO and leave Smith+Nephew for a new opportunity on 30 April 2020.
Ian Melling, senior vice president group finance, will serve as interim CFO from that date until Nesmes joins. Baker will stand down as a director after the Annual General Meeting to be held at 2pm today.
