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Guinness repositions, appoints new Finance Director

By on February 24, 2015

In a move seen by market operators as aimed at repositioning the company financially, Guinness Nigeria Plc has replaced its finance and strategy director. The company announced the appointment of Mr. Ronald Plumridge as the new director  to replace Ms Lisa Gillian Nichols from  who resigned recently.

Guinness has witnessed  dwindling fortunes in recent  years, a development that led to the appointment of a new managing director last November, to replace Mr. Seni Adetu.

The brewing firm ended half year to December 31, 2014 with a profit after tax of N3.39 billion, showing a decline of   32 per cent compared  to N4.99 billion posted in the corresponding period of 2013.

Guinness Nigeria Plc recorded another poor financial performance for the  half year ended December 31, 2014 impacted by high operating expenses and financial charges.

While the company recorded higher revenue for the half year, high financial charges, distribution and marketing charges depressed impacted the bottom-line negatively.

Specifically, Guinness recorded a  revenue of N55.267 billion in 2014, up from N52.757 billion in the corresponding period of 2013. Marketing and distribution expenses also grew from N12.544 billion to N13.145 billion, while administrative expenses similarly jumped from N4.9 billion to N6 billion.

However, finance charges jumped by 35 per cent to N2.708 billion, from N1.954 billion, which led to the company ending with a profit after tax of N3.398 billion, compared with N4.99 billion in 2013.

It is expected that the new strategy and finance director would bring some respite to the dwindling fortunes of  the company.

Plumridge an honours degree in Economics from the University of Exeter and qualified as a chartered accountant in 1985. He was admitted to fellowship in 1997.

Prior to joining Guinness Nigeria Plc as Commercial Director in 2004, Mr. Plumridge had over 22 years’ experience in various roles spanning accounting practice, consulting, financial management and general management of commercial in various consumer goods businesses in Europe and the United States. In 2007, he was appointed the Finance Director of Diageo Africa but remained on the Board as a Non-Executive Director. In 2010, he became the CFO of the DAL Group, a privately owned Sudanese Group headquartered in Khartoum. He re-joined Guinness Nigeria Plc  as finance and strategy director.

 

[ThisDay]