Personal care and household products supplier Swallowfield has appointed two new non-executive directors to its board.
Stephen Boyd had already been suggested by Western Selection when it removed the company’s chairman in April. The other appointee is Roger McDowell, who is also a director of Avingtrans and IS Solutions.
Richard Organ will step down from the board at the end of July. A chairman will be appointed at a later date.
Since the general meeting that removed Shena Winning as chairman, Dartington nominees has increased its stake to 3.25%.
Increasing raw material costs have hit margins and the operating margin in the year to June 2011 will be 0.7 of a percentage point lower than originally forecast. Sales will show double digit growth with the second half stronger than the first half. That revenue growth should more than offset the decline in margin. That suggests that full year underlying pre-tax profit should be at least as high as the £1.18m reported in the year to June 2010.
At 108p a share, Swallowfield is valued at £12.2m.
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