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New chair for engineering firm Spirax-Sarco

2025-03-21 04:27:33 By

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FTSE-100 engineering firm Spirax Group has announced the appointment of a new chair. Tim Cobbold will take over from Jamie Pike, who is retiring from the Gloucestershire-based company on December 31.

Mr Pike has been a non-executive director with the Cheltenham-headquartered thermal energy management and niche pumping specialist since 2014 and its chair since 2018.

Mr Cobbold will join the board as a non-executive director and chair designate from September 1 and will succeed as chair of the board and nomination committee on January 1, 2025.

The former chief executive of UBM will receive a pro rata standard non-executive fee of £70,000 for the period between September 1 and December 31, 2024. From January, he will receive an annual fee of £400,000 for his role as chair.

Nimesh Patel, group chief executive, said: "We are grateful to Jamie for his contribution over the last decade to establish our group's strong foundations, leaving us well positioned for the future."

Mr Cobbold will continue as chair of manufacturing firm TI Fluid Systems but will step down as a director of industrial flow equipment firm Rotork from December 31, Spirax Group said.

"Tim's broad business experience with global industrial companies, as well as his experience as CEO of three FTSE listed businesses with a strong track record of value creation through growth and operational delivery, will benefit the further development of Spirax Group," Mr Patel added. "look forward to working with him as we continue to evolve our group."

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Mr Cobbold's appointment is subject to election as a director at the company's annual general meeting in May 2025.

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Manufacturing2025-03-21 04:27:33

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Manufacturing2025-03-21 04:27:33

Pharmaceutical manufacturer Pharmaron's Cramlington base set for investment despite losses

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Manufacturing2025-03-21 04:27:33

Korean market is latest play for Shield Therapeutics' iron deficiency drug

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Manufacturing2025-03-21 04:27:33

Prima Cheese expands into London amid ambitions to grow overseas trade

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Manufacturing2025-03-21 04:27:33

South Tyneside's UTS Engineering acquires Scunthorpe specialist pipeline manufacturer

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Manufacturing2025-03-21 04:27:33

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Manufacturing2025-03-21 04:27:33

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Manufacturing2025-03-21 04:27:33

Plastic parts manufacturer merges with 100-year-old firm

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Manufacturing2025-03-21 04:27:33

'Flying the flag for British manufacturing ' - trenchless tech business Brewis Engineering sold

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Manufacturing2025-03-21 04:27:33

Cranswick hails recovery in demand leading to higher earnings

A more stable environment for farmers has helped FTSE250 meat producer Cranswick to boost revenue and profits. Fresh results for the Hessle-based manufacturer, covering the year to the end of March, show the pork and poultry specialist managed to maintain pig volumes despite a significant reduction in national numbers. Investors on the London Stock Exchange were told Cranswick saw recovery in demand after last year's initial inflation shock as customers plumped for its premium products. It meant reported revenue growth of 11.9% to £2.59bn and a 23.6% rise in adjusted group operating profit to £185.1m while statutory group operating profit rose 14.3% to £166.9m. That was part of a year in which Cranswick ploughed £46.1m into expansion with the acquisition of pig farming business Elsham Linc and meat processor Froch Foods. Read more: Asda reports increase in sales through more convenience stores Read more: Rolls-Royce to build and test nuclear reactor parts in new facility Chief executive Adam Couch said the moves had helped build the firm's self sufficiency, increasing the "size, scale and quality" of its pig herds. He also said the strong performance came in the face of sizeable challenges, particularly Cranswick's access to labour, which could be further hampered by the Government's introduction of a higher salary threshold for immigrants on Skilled Worker visas. The firm called on the Government to appreciate the scale of the challenges with chairman Tim Smith suggesting it should "better concentrate its resources" on improving resilience to national food security and financial issues for producers. In response to labour challenges, the firm said it had expanded its recruitment programme - bringing in 650 workers from the Philippines. Elsewhere, the group reported a fall in net debt, from £101.4m to £99.4m. A final dividend of 67.3p per share was proposed - a 14.5% rise on last year. Mr Couch said: "Our ongoing successful performance is down to the unwavering passion, commitment, and professionalism of our teams across the business. I would like to extend my gratitude to all of our colleagues at Cranswick for their continued dedication and support which has enabled us to deliver a strong set of results and make progress towards our strategic objectives. "Alongside our colleagues, I would also like to thank our suppliers and customers, with whom we continue to work in close partnership. Our successful performance owes a great deal to the substantial investment we have put into enhancing our farming infrastructure and expanding our vertical integration. We have increased the size, scale and quality of our pig herds through ongoing organic growth and the acquisitions of new indoor and premium outdoor pigs.