Llewellyn leaves Caradon board

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The Independent Online
Trefor Llewellyn is stepping down from the board of Caradon, the building materials group, in the wake of shareholder unhappiness over his connection with the Wickes scandal, which led to a slump in profits at the DIY retailer. Shares in Caradon fell 9p to 189.5p as analysts downgraded forecasts on news that profits at the group's doors and windows division would not recover until 1998. Pre-tax profits for the six months to June fell to pounds 74m (pounds 81.3m), with the rise in the strength of the pound and dilution from disposals wiping pounds 12m off earnings. Caradon warned the British building materials market was only showing modest recovery and although improvement was seen ahead, its timing and strength were uncertain.The group sees continued stability in the tough German market, with a recovery by 1998.

People & Business, page 21

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