Connaught's chief executive steps down in wake of profit warning

The chief executive of social housing maintenance specialist Connaught, Mark Ticknell, has resigned with immediate effect. Stephen Hill, the firm’s finance director, will also step down at the end of October.

Ticknell’s departure comes after a profit warning two weeks ago, which saw the company’s share price plummet by one-third.

According to a statement from the firm, Tincknell has agreed with the chairman that to recover from recent health problems he will relinquish his role as chief executive but will continue to have a role in the company.

Ian Carlisle, chief executive of the compliance division, will step in as acting chief executive of the group.

The news comes on the same day that Connaught published an interim management statement covering the period from 1 March to 7 July 2010.

It reports orders worth £450m won in the year to date, with a total order book standing at £2.6bn. The firm will continue to focus on cost reduction and operational improvements, with annualised cost savings of around £25m predicted from 2012 onwards.

Chairman Sir Roy Gardner said: “The outlook for Connaught remains positive. The cost reduction programme will realise significant savings whilst providing a solid platform from which we can achieve further growth.

“Our order book is strong and our newly formed big ticket sales team will ensure we capitalise upon a record pipeline of enquiries.”