Compressor technology pioneer Corac, the AIM-quoted company where chairman Professor Gerry Musgrave has long ploughed an esoteric furrow, has hired a new finance director to oversee the company’s improving financials.
The new recruit, Philip Newell, boasts both ‘tech’ and small-cap experience following stints at Cable and Wireless and UK- and US-listed LEP Group, and was most recently finance director of another AIM-counter, HydroDec. He replaces Tom Ivings, who has occupied the position part time for the past two years and who will stay on for a two-month handover period.
Musgrave is, as all chairman are in these circumstances, was ‘delighted’ and says ‘this full-time appointment will strengthen our management team in line with our forward planning. Philip’s experience of strategic and business development, as well as corporate finance, will be used to help the overall administration of the company, enabling other senior staff to focus on important roles to move Corac further in its commercial growth.’
At the present 71p, Corac, which lost £2.3 million last year from its activities (including industrial air compressors and attempts to commercialise its downhole gas extraction technology), is down from a 2001 issue price of 105p, yet much improved from 2002’s 13p low.
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