2 May 2018 – AGM statement
The company has stated that it remains on course to meet market expectations for the full year. A further trading update will be published on 25 July and interim results for the six months ending 30 June 2018 will be published on 22 August. Of perhaps even more significance, there has been a change of Chief Executive Officer. Joost Kreulen, who is one of the directors retiring by rotation at the AGM, advised the Board of his decision not to seek re-election. He therefore retires from his position and been replaced by Spencer Wreford. Wreford joined the Board in 2010, initially as Group Finance Director, before taking the role of Chief Operating Officer in 2017. This means there will be a relatively smooth handover. Kreulen will continue to be involved with the company as a part-time consultant with a specific focus on operations in Germany and Austria. There is no current intention to replace the Chief Operating Officer role. The shares continue to look good value. BUY.