Chief's resignation helps lift Holliday
Friday 03 May 1996
Mr Donaldson resigned from the board after indicating he did not wish to renew his contract on its expiry at the end of 1996. Holliday has appointed Mark Robbins and Robert Rae, managers at two of its operating subsidiaries as joint chief executives, to replace him. They will report to chairman Michael Peagram in their new posts.
Mr Donaldson was recruited to the Huddersfield-based dyes and inks manufacturer from drugs giant Zeneca to take a hands-on management role and free Dr Peagram, who founded the company and combined the jobs of chairman and chief executive, to concentrate on strategy and acquisitions.
At first the partnership seemed to be paying off, but pressure on Mr Donaldson undoubtedly grew in January when Holliday issued a surprise profits warning which sent the shares crashing to a new low of 105p - well below the 195p investors paid when the company joined the stock market three years ago.
Holliday blamed a squeeze caused by the high costs of raw materials and pressure on selling prices for its own products. But yesterday Holliday struck a more upbeat note at the company's annual general meeting.
The company said the first three months of the year have shown "a substantial improvement" over the depressed trading performance in the second half of 1995.
"Although margins are not yet back to satisfactory levels, they are improving, and further benefits will accrue," Holliday said in a statement. It added that while the economy was still uncertain, the destocking that hit its 1995 sales had finished.
Analysts, who had cut forecasts for this year's profits from pounds 24m to pounds 14m following the recent warning, welcomed the news but expressed little surprise that trading was well above the levels seen in the second half of last year.
They added that the improvement reflected measures taken to reduce costs and new products from Holliday's pharmaceutical business in Spain.
- 2 Italian police 'reveal' what Jesus looked like as a young boy
- 3 General Election 2015: 14-year-old boy asks Nick Clegg – 'can you kill Katie Hopkins?'
Italian police 'reveal' what Jesus looked like as a young boy
Who should I vote for? The Independent quiz matches best political party for undecided voters ahead of the general election
Met Gala 2015: Beyoncé manages to out-skimp Rihanna, Miley and Kim Kardashian combined with near-naked ensemble
Syria's 'circle of hell': Aleppo residents describe children without heads, streets filled with blood and injuries never before witnessed by surgeons
General Election 2015: Photographic history of Bullingdon Club tracked down - including new picture of David Cameron in his finery
In defence of liberal democracy
Over 50,000 families shipped out of London boroughs in the past three years due to welfare cuts and soaring rents
EU asylum policy is 'a direct threat to our civilisation', says Nigel Farage
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: SNP suspends two members for disrupting Labour rally
iJobs Money & Business
£20000 - £25000 per annum + Uncapped commission: SThree: Can you speak German,...
£25000 - £30000 per annum + benefits: Ashdown Group: An exciting opportunity f...
£215 per day: Ashdown Group: Junior Project Manager (website, web application ...
£40-50K: Guru Careers: We are seeking an experienced Software Engineer / Softw...