APC Technology Group PLC Business Update and Appointment of CFO (1815R)
07 March 2016 - 6:00PM
UK Regulatory
TIDMAPC
RNS Number : 1815R
APC Technology Group PLC
07 March 2016
7 March 2016
APC Technology Group PLC
("APC" or the "Group")
Strong H1 Divisional Order Book and Appointment of Chief
Financial Officer
Component Division: Highest H1 order book for five years
Against a background that saw the UK component distribution
market decline 3% in 2015, Advanced Power Components has achieved
its best first half performance in terms of bookings since FY2011,
with bookings for the period at GBP7.2m, up 28% on last year.
Bookings of GBP1.8m in February were the highest ever recorded in a
single month.
Highlights include significant new orders for embedded computer
boards with existing customers, together with a substantial
follow-on order from a UK customer for a major export contract.
This represents a continuation of the strong Q1 booking
performance we reported in November 2015.
Appointment of Chief Financial Officer ("CFO")
The Board is pleased to announce the appointment of Art Russell
as CFO for the Group. Mr Russell is an experienced CFO with over 25
years in senior finance positions, primarily in private equity
across a diverse range of industry sectors. Prior to joining APC,
Mr Russell was CFO of a GBP250m turnover international business,
which he helped to manage from a private equity investment through
to successful sale to a FTSE 100 plc.
Previous experience includes 10 years as Senior Vice President
& CFO of a SME private equity investment firm in North America,
responsible for all M&A activity, financing, and portfolio
management. Prior to this, Mr Russell led finance for a private
equity-backed international marine and fuel distribution company,
joining the business after eight years at Deloitte.
Richard Hodgson, Chief Executive of APC Technology Group PLC,
commented:
"It is very reassuring to see the continuing recovery in the
component distribution order book and the future cash flow
stability that brings to the Group. This follows on from a
difficult 2015 in terms of bookings and shows the potential we have
in that business with the products and customers we service. I
would like to congratulate the staff in our distribution division
who have worked incredibly hard to achieve this turnaround in
challenging circumstances.
"I am also very pleased to welcome Art to the Group as our CFO.
He brings with him a wealth of experience from his time working in
diverse and larger organisations and I've no doubt he will make a
major contribution to the professionalisation of the Group as we
focus on cash generation, profit and growth."
Enquiries:
APC Technology Group PLC 01634 290 588
Leonard Seelig, Chairman www.apc-plc.co.uk
Richard Hodgson, Chief Executive
Cantor Fitzgerald Europe Limited
(Nominated Advisor and Broker) 020 7894 7000
Andrew Craig / Richard Salmond
Redleaf Communications (Financial
PR) 020 7382 4730
Rebecca Sanders-Hewett / David Ison /
Susie Hudson
This information is provided by RNS
The company news service from the London Stock Exchange
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