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He has been replaced by Richard Glover, previously the managing director and in charge of day-to-day running of the business.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.
- 1 Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
- 2 Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
- 3 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 5 UK weather: Britain braced for snow as arctic air mass moves in
Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
Ian Brady: Moors murderer announces his support for Ukip and the SNP
Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
UK weather: Britain braced for snow as arctic air mass moves in
Bali Nine executions in Indonesia: Death row British grandmother Lindsay Sandiford says she 'just wants to get it over with'
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£20000 - £60000 per annum: Recruitment Genius: Are you recently QCA Level 4 qu...
£20000 - £22500 per annum + OTE £30K: SThree: SThree Group have been well esta...
£25 - 30k: Guru Careers: We are seeking an Application Support Analyst / 1st L...
£45K - £55K (DOE) + Benefits: Guru Careers: We are seeking a full stack .NET D...