Eurocell plc sales increased by 12% to £381million in 2022 while pre-tax profits fell by 5% to £26.2million, ‘reflecting the cost of a restructuring programme’ which the group says will show benefits in the 2023 results.
Chair Derek Mapp explained: “We are mindful of the uncertain macroeconomic background and its impact on our markets and we have therefore taken steps to prepare the business for 2023 and beyond.
This included a restructuring programme completed in the fourth quarter of 2022, which will reduce operating costs by c.£5 million per annum from the start of 2023.
“In December, following a review, and to further simplify the business, we completed the disposal of Security Hardware, a supplier of window hardware with sales of c.£3 million per annum. These actions leave the business better placed for 2023. Net debt at 31 December 2022 on a pre-IFRS 16 basis stood at £14.4 million (31 December 2021: £11.0 million).”
The group also announced the appointment of Darren Waters, pictured, as its new chief executive officer in succession to Mark Kelly who is retiring after seven years at the business.
Darren’s previous positions include Ibstock plc, where he was chief operating officer for two years and was part of an exec team that delivered a record performance for the business. Prior to that, he was CEO of Tyman UK for nine years, during which he completed a number of acquisitions and divestments as well as the consolidation of the business as it transitioned into a facility in Wolverhampton.
Darren said: “I am excited to join Eurocell as chief executive officer, having watched and admired the growth of the business for a long time as a customer, the chance to further expand the company through its next phase of growth and work with a new board is a compelling opportunity and one that I’m relishing.
“We have a fantastic innovation pipeline that helps our trade customers to grow their businesses and will allow homeowners to build affordable, low maintenance living spaces in a much faster time frame. As we diversify and expand our services as leaders in the industry, continuing to drive Future Homes Standards, I am proud to be at the helm at what is an exciting time for the business.”
