City briefs: Polypipe and Filtronic
Doncaster-based manufacturer Polypipe Group says its business is continuing to recover ahead of expectations.
The business has issued a trading update on its performance in November and the likely outcome for December.
Group revenue for November was 8% higher than the prior year, with residential markets performing particularly well.
Polypipe says operating margins continue to benefit from the drop through on this improved volume, although they are still not back to normal levels due to operating inefficiencies caused by Covid-19.
The firm’s update adds: “The Board now expects underlying operating profit for the year to 31 December 2020 to be circa £40m, compared to the current consensus range of £35m-37m.
“The Group enters the new year with a strong order book and some cautious optimism, although uncertainty currently exists about the effects of a no-deal Brexit.”
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Shipley-based electronics manufacturer, Filtronic, has appointed John Behrendt as a non-executive director and member of its Audit, Remuneration and Nominations Committees with effect from 1 January 2021.
He will become chairman of the Audit Committee with effect from the publication of the company’s interim results to allow for a managed transition.
Reg Gott has been acting as interim chairman of the Audit Committee following the previous chair’s retirement on 29 October 2020.
Behrendt has over 30 years of experience in a combination of executive and non-executive roles and qualified as an accountant with the Chartered Institute of Management Accountants (CIMA).
He was head of principal investments with Eight Roads, part of the Fidelity network of companies, from 2015 until January 2020.
He has held a number of leadership and operational roles.
These include: CEO of Optegra, an international health care company; CEO/CFO of Frontier Silicon Limited, a VC backed supplier of components/software for mobile devices and digital audio markets; CFO for Teraview Limited, an instrumentation devices company operating in the pharmaceutical and defence markets; and CFO for Alphamosaic Limited, a VC backed fabless chip company.
Behrendt gained his CIMA qualification with General Motors and subsequently held early career roles in commercial and finance management at McDonall Douglas Inc and MDIS plc.
Gott said: “John is a highly experienced finance specialist with considerable background in business growth development and his skills, expertise and insights will be of great benefit to the company as we move forward with our strategic development plans.“
Behrendt said: “I am delighted to be joining Filtronic at this exciting phase of the company’s development and look forward to working as part of the Board to evolve and develop an ambitious strategy for growth.”
