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Redhall Group PLC  -  RHL   

Trading Update and Directorate Change

Released 07:00 06-Jun-2014

RNS Number : 9943I
Redhall Group PLC
06 June 2014
 



For immediate release

     6 June  2014

 

Redhall Group plc

("Redhall" or the "Group")

 

Trading Update and Directorate Change

 

Redhall Group plc (AIM: RHL), the specialist engineering support services group, reports that, following further delays in the timing of major contracts and a more cautious assessment of the timing and impact of new business prospects, the Board has reviewed its forecasts and moderated its expectations for the year ending 30 September 2014 and now expects to produce a result comparable to that of the prior financial year ended 30 September 2013.  Our bankers HSBC Bank plc remain fully supportive of the Group. As previously announced, the Company will issue its results for the six months to 31 March 2014 on 12 June 2014.

 

The Board announces that Richard Shuttleworth has resigned as Group Chief Executive and will be leaving with immediate effect. Phil Brierley, Group Commercial Director, has been appointed as Group Chief Executive and Chris Kelly (who has been acting on an interim basis) has been appointed as Group Finance Director and Company Secretary with immediate effect.  Further information in relation to Chris Kelly's appointment as required under the AIM Rules will follow in a separate announcement.

 

Redhall's Chairman, David Jackson, commented: "The Group continues to have a strong relationship with its key customers. Although the programmes of work from our major clients are suffering substantial delays we are confident we will deliver our recovery plan albeit over an extended timeframe. The Group is seeking to further broaden its customer base to reduce the reliance on existing major customers."

 

Contact details:

 

Redhall Group plc

Tel: +44 (0) 1924 385 386

David Jackson, Chairman


Phil Brierley, Chief Executive

Chris Kelly, Finance Director




Buchanan

Tel: +44 (0) 20 7466 5000

Mark Court, Fiona Henson, Sophie Cowles




Arden Partners (Joint Broker)


Chris Hardie, Director Corporate Finance

Tel: +44 (0) 20 7614 5929

Ed Walsh, Head of Sales

Tel: +44 (0) 20 7614 5964



Charles Stanley Securities (Joint Broker)

Tel: +44 (0) 20 7149 6000

Russell Cook, Director Corporate Finance


Paul Brotherhood,  Sales Trading




Altium (NOMAD and Financial Advisors)

Tel: +44 (0) 845 505 4343

Phil Adams, Simon Lord, Paul Lines


 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Trading Update and Directorate Change - RNS