Directorate Changes

The information contained within this announcement

is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014.

Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

FLOWTECH FLUIDPOWER PLC

("Flowtech Fluidpower" the "Group" or "Company")

Directorate Changes

London, Tuesday, 18 September 2018:  As stakeholders know, the last 18 months have been the most active and demonstrative to date of the Group's growth strategy.  Consequently, as part of the process of developing both our UK and international footprint, we have been reviewing and implementing several operational initiatives to support the infrastructure and future growth plans. This includes investments in both capacity and people, including adding experience at both PLC and operating management levels.  In addition to widening the teams' skills, contacts, knowledge and expertise, these initiatives provide the next layer on the already strengthening market position and solid business foundation and, support our ongoing aspiration to create a focussed full-service fluid power provider across the UK, Ireland and Europe.

As part of these plans the Company announces the following changes to the Board:

Executive Board retirement and promotion

Sean Fennon, CEO for the last 9 years, has decided that he wishes to retire from the business at the end of 2018.  Sean will relinquish his executive duties and step down from the Board with immediate effect and remain with the Group in an advisory capacity until 31 December 2018. 

The Board is delighted to announce that Bryce Brooks (aged 53) will take up the role of CEO also with immediate effect and will continue to fulfil the role of CFO until the appointment of the new CFO as detailed below. 

Sean joined the business in December 2009 having already had a successful career within the Industrials' arena.  Bryce joined him during 2010 as CFO.  Together they refocussed the overall strategy preparing for the successful IPO in May 2014.  Since then the Group has pursued both an organic and acquisitive growth strategy increasing the profitability* of the Group from £5.3m in 2013 to £9.1m in 2017, with further significant progress expected in 2018, creating the leading specialist fluid power group in the UK and extending its footprint into Europe.

Board appointments:

Russell Cash - Chief Financial Officer

The Board is pleased to announce that Russell Cash will take up the position as Chief Financial Officer with effect from 1 November 2018.

Russell (aged 51), is a qualified chartered accountant with more than 30 years' business advisory experience.  He originally trained with PwC, where he worked for over 20 years in the UK and across Europe.  Following this, he served five years as a partner at Baker Tilly (now RSM) and played a major part in developing the business in the North of England and Scotland.  Currently, Russell is a Partner at FRP Advisory LLP, based in Manchester, where he has been instrumental in the success and expansion of the business, both in terms of geography and the range of services provided. 

The Board consider that adding Russell's experience and knowledge will provide strong leadership and expertise to the current central group finance function. At Board level, the core skills which Russell has developed advising a broad range of businesses and stakeholders will be invaluable in supporting the Group's ambitious plans over the coming years.