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.
Save 50% off your first year’s subscription to Growth Company Investor magazine, and gain immediate access to all the recommendations online. Click here.
FWD is a strategic communications agency specialising in corporate & financial services in the UK, across Europe and into Asia. We understand financial markets inside out. We know who you want to talk to. And we know the type of messages they want to hear. Find out more.
Live and pre recorded video & audio updates from companies on their latest news, results & AGMs through interviews and presentations. Find out more.
Gain instant access to some of the best-performing and fastest growing companies in the small cap arena. Sign up NOW!
This research provides a comprehensive overview of cash shells, companies that have become a significant feature on the Main Market, AIM and PLUS landscape. The full report (out June 2013) is now available to pre-order in PDF format for £295 (+VAT). Contact us for more info
The annual Directors' Pay on AIM Report is the most comprehensive review of directors' renumeration on AIM available. It's ideal for benchmarking your team's, your organisation's and your own salary. The full report is available to order in PDF format for £350 (+VAT). Order report here
This new report examines valuation metrics, cash balances and financial performance to provide dealmakers with all the tools they need to pinpoint undervalued companies on AIM. The full report is available to order in PDF format for £295 (+VAT). Order report here
Informative features and research on fast-growing companies, with AIM market and small cap tips, news on growth stocks, penny shares and junior stock market companies. Regular share recommendations, directors' dealings, company news and analysis, new issues and upcoming IPOs.
If you're interested in business tax updates visit our specialist tax guide website.
In-depth coverage of selected AIM companies within the small-cap and fast growing company sector including AIM and PLUS Markets shares and listed stocks. Company research and analysis from GCI analysts updated daily.
For great ideas on how to invigorate your portfolio visit the Growth Company Investor Show on June 10th. Click here for more details.