BSM shares fall as chief executive goes
Friday 28 February 1997
He was on a two-year contract and leaves with a pounds 350,000 compensation package, worth about 18 months of total earnings. He remains available as a consultant but will pursue other interests.
He has been replaced by Richard Glover, previously the managing director and in charge of day-to-day running of the business. Mr Massey's departure is the result of a review of the roles of chief executive and managing director over the last three months, a spokesman said.
The announcement coincided with publication of results for the year to December, which saw profits before exceptionals rise by 5.8 per cent to pounds 5.69m, much in line with market forecasts. After deducting for the compensation package, the pre-tax profit is down 2 per cent at pounds 5.27m. Earnings per share are unchanged at 14p but the dividend has gone up 10 per cent to 7.59p.
Turnover rose by 15 per cent to pounds 28m, of which just over 4 per cent came from acquisitions. The group now has 154 branches, an increase of six on the year, and 2,220 franchised instructors, an increase of 39. Market share has risen about 1 per cent to 16 per cent.
The group's business this year has been affected by the requirement on drivers to complete written tests before the practical tests.
Top Gear presenter is no stranger to foot-in-mouth controversy
Review: Mike Leigh's biopic is a rambling, rich character study
Want to ward off (or welcome) trick-or-treaters? Here's how
- 1 'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
- 2 Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
- 3 Topshop at centre of row over body image as 'shocking' skinny mannequin photo goes viral
- 4 If you think Russell Brand’s new book is confused, you should read what his critics have to say about it
- 5 Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
Halloween 2014: From the Screaming Man of Pluckley to the 'White Lady' of the Tower of London - Britain's 20 most haunted places
Russian politician says Apple CEO Tim Cook should be 'banned' from country after coming out as gay
Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
Pope Francis declares evolution and Big Bang theory are real and God is not 'a magician with a magic wand'
Huge surge in Ukip support after EU funding row, according to new poll
Ukip ‘exploiting grooming scandal’ to secure party’s first police chief
Nigel Farage: 'There’s nothing wrong with white people blacking up'
Maureen Lipman says 'she can't vote Labour while Ed Miliband is leader'
Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
iJobs Money & Business
£20000 - £23250 Per Annum pro rata: Clearwater People Solutions Ltd: Pro rata ...
£40 - 48k + Benefits: Guru Careers: We are seeking a Marketing Manager to join...
£45,000 - £65,000: Saxton Leigh: Our client is a well-known APAC Corporate and...
£60000 per annum: Ashdown Group: Compensation and Benefits Manager - Compensat...