SEFTON Group Plc's 2009 report and accounts have been published today and the group has also announced a change in management structure.
Pre-tax profits increased to £1.63m on sales of £32.82m, up from £0.83m and £32.55m respectively for the 14
months to 31 December 2008.
Earnings per share increased from the previous period’s 3.2p to 5.5p.
In his first statement as chairman, Sir Miles Walker announced the group was undertaking a comprehensive strategy review.
Referring to the expansion of the group over the last five years Sir Miles said: "There is clearly now a need to focus the group on its core competencies and, with this in mind, your board is well advanced in the formulation of a group strategic plan.
"There is more work to do on the strategy roadmap but our aim over the next 18 months is clear - to
retain and enhance what is key to our continued profitability but divest the group of peripheral and nonperforming
assets.
"It may be some time before we are in a position to disclose the full detail as there is still a great deal of work to be done and we wish to be sure of deliverability before making any announcements."
Sir Miles also announced a change in the management structure of the group: "Over the last five years the positions of chairman and chief executive have been held jointly.
"Your board has taken the view that these two distinct roles should no longer be held by one individual. To this end, I have been appointed as non-executive chairman and to provide a greater depth of management expertise and accountability, your board has made three further appointments.
"Brett Martin, who joined us last year as finance director, has been appointed chief executive and Mark Lewin, formerly our chief operating officer, has been appointed deputy chief executive, both with
immediate effect.
"Richard Hill, our current chief financial officer will take over the role of finance director with effect from August 1.
"All three will have a major part to play in shaping the future of the group and I wish them well in their new roles."
The group has announced an unchanged dividend of 3.75p per share, payable equally in cash and scrip.
