Published: 00:00, 27 May 2014 |
Updated: 10:21, 27 May 2014
The finance director of consumer electronics firm Armour Group is stepping down at the end of this week following a warning about trading levels.
John Harris is leaving the Tunbridge Wells-based company following the sale of its automotive division for nearly £11m in March.
It has emerged shareholders were told at the time of the sale that the firm thought it unlikely it would turn a profit before the end of August this year.
With the sale reducing the size of the business, the board announced it felt “the need for a review of the group’s cost base in order to accelerate the return to profit”.
It says Mr Harris’ exit is part of this “ongoing” process.
Chairman Bob Morton said: “I and the whole board thank John for his many years of valuable service to the group.
“His excellent financial management throughout his career with Armour and his contribution to the strategic repositioning of the group have been of great value.
“We all wish John the very best for his future career.”
Next month, Mark Wilson will take up the role of finance director and company secretary, having joined the business as a financial controller in 2009.
Armour Group sold its automotive division to AAMP of America in a deal worth £10.9m in March.
The figure was 7.3 times what the division made before interest and tax for the year ending August 31 last year and generated a profit of about £3m for the firm.
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