Hostmore PLC Cost Reduction Programme, CEO Appointment, Webcast (9854X)
02 Mai 2023 - 8:00AM
UK Regulatory
TIDMMORE
RNS Number : 9854X
Hostmore PLC
02 May 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
2 May 2023
Hostmore plc
Cost Reduction Programme, Appointment of CEO & Results
Webcast
Cost Reduction Programme
Further to the FY 2022 results announcement on 28 April 2023
(the "Results Announcement"), Hostmore plc ("Hostmore" or the
"Company" and with its subsidiaries the "Group") today is
announcing a further cost reduction programme resulting in GBP4.1m
of annualised savings. The implementation of this additional cost
reduction has utilised GBP0.3m of cash.
The cost reduction announced today is in addition to the GBP1.8m
of annualised savings disclosed in the Results Announcement,
bringing the total aggregate cost reduction to GBP5.9m on an
annualised basis and total cash implementation costs to
GBP0.6m.
Substantially all affected employees and service providers
relating to this new cost reduction have now left the Group, with
the annualised savings beginning to accrue during Q2 2023.
Accordingly, these new reductions are expected to benefit FY 2023
results by approximately GBP2.8m, with the full annualised saving
to benefit FY 2024 results.
In total, the two cost reduction actions are expected to benefit
FY 2023 results in aggregate by approximately GBP4.0m.
These cost reduction measures have been identified as part of
the Board's efforts to control costs and drive productivity at all
levels of the organisation. The Board continues to review all
opportunities to improve the Group's financial results.
Appointment of CEO
The Board of the Company is pleased to announce today that,
after conducting a wide ranging and thorough search, Julie McEwan
has been appointed permanent Chief Executive Officer of Hostmore
effective immediately. Since 10 January 2023, Julie has been acting
as the Interim Chief Executive Officer and was previously the Chief
Operating Officer since joining Hostmore in February 2022. Prior to
joining Hostmore, Julie was at Big Table Group (previously Casual
Dining Group), latterly as Brand Director of Las Iguanas. She has
previously held management roles at Spirit Pub Company, Premier
Inn, and Whitbread.
Julie will also join the Board as a director of the Company at
the conclusion of the upcoming annual general meeting on 7 June
2023.
Julie's remunerative package will be in accordance with the
Company's Remuneration Policy and will be fully disclosed in next
year's Directors' Remuneration Report.
The Company confirms that there is no further information to be
disclosed under the requirements of Listing Rule 9.6.13R in
relation to Julie's appointment.
Gavin Manson, Chairman, commented:
"Julie has impressed the Board immensely during her period as
Interim CEO and her positive impact is already being felt
throughout the organisation.
The Board is pleased that Julie has accepted the permanent CEO
position and we look forward to working with her to deliver on our
key objectives for the business."
Results Webcast
As noted in the Results Announcement, Stephen Welker,
Chairman-Designate, Julie McEwan, Chief Executive Officer, and Alan
Clark, Chief Financial Officer, will be hosting a webcast with a
live Q&A for investors and analysts at 10:00am today. The
presentation relating to this call is now available on the
Company's website at
www.hostmoregroup.com/results-reports-presentations.
The attendee links and conference call details for the
presentation are detailed below:
Webinar Registration link: https://bit.ly/MORE_FY22_webinar
Webinar ID: 827 8445 9359
Conference Call: 0203-7696819
Conference Code: 592967
A recording of the presentation will be made available on the
Company's website at
www.hostmoregroup.com/results-reports-presentations in due
course.
ENDS
Enquiries
Hostmore plc
Alan Clark, Chief Financial Officer
Email: enquiries@hostmoregroup.com
Dentons Global Advisors
Jonathon Brill / James Styles Tel: +44 (0)20 7664 5095
Email: Hostmore@dentonsglobaladvisors.com
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END
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