REG - Hostmore PLC - Cost Reduction Programme, CEO Appointment, Webcast

HostmoreAnnouncement

02/05/2023 07:00

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RNS Number : 9854X  Hostmore PLC  02 May 2023

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This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

 

2 May 2023

 

Hostmore plc

 

Cost Reduction Programme, Appointment of CEO & Results Webcast

 

 

Cost Reduction Programme

 

Further to the FY 2022 results announcement on 28 April 2023 (the "Results
Announcement"), Hostmore plc ("Hostmore" or the "Company" and with its
subsidiaries the "Group") today is announcing a further cost reduction
programme resulting in £4.1m of annualised savings. The implementation of
this additional cost reduction has utilised £0.3m of cash.

 

The cost reduction announced today is in addition to the £1.8m of annualised
savings disclosed in the Results Announcement, bringing the total aggregate
cost reduction to £5.9m on an annualised basis and total cash implementation
costs to £0.6m.

 

Substantially all affected employees and service providers relating to this
new cost reduction have now left the Group, with the annualised savings
beginning to accrue during Q2 2023. Accordingly, these new reductions are
expected to benefit FY 2023 results by approximately £2.8m, with the full
annualised saving to benefit FY 2024 results.

 

In total, the two cost reduction actions are expected to benefit FY 2023
results in aggregate by approximately £4.0m.

 

These cost reduction measures have been identified as part of the Board's
efforts to control costs and drive productivity at all levels of the
organisation. The Board continues to review all opportunities to improve the
Group's financial results.

 

Appointment of CEO

 

The Board of the Company is pleased to announce today that, after conducting a
wide ranging and thorough search, Julie McEwan has been appointed permanent
Chief Executive Officer of Hostmore effective immediately. Since 10 January
2023, Julie has been acting as the Interim Chief Executive Officer and was
previously the Chief Operating Officer since joining Hostmore in February
2022. Prior to joining Hostmore, Julie was at Big Table Group (previously
Casual Dining Group), latterly as Brand Director of Las Iguanas. She has
previously held management roles at Spirit Pub Company, Premier Inn, and
Whitbread.

 

Julie will also join the Board as a director of the Company at the conclusion
of the upcoming annual general meeting on 7 June 2023.

 

Julie's remunerative package will be in accordance with the Company's
Remuneration Policy and will be fully disclosed in next year's Directors'
Remuneration Report.

 

The Company confirms that there is no further information to be disclosed
under the requirements of Listing Rule 9.6.13R in relation to Julie's
appointment.

 

Gavin Manson, Chairman, commented:

 

"Julie has impressed the Board immensely during her period as Interim CEO and
her positive impact is already being felt throughout the organisation.

 

The Board is pleased that Julie has accepted the permanent CEO position and we
look forward to working with her to deliver on our key objectives for the
business."

 

Results Webcast

 

As noted in the Results Announcement, Stephen Welker, Chairman-Designate,
Julie McEwan, Chief Executive Officer, and Alan Clark, Chief Financial
Officer, will be hosting a webcast with a live Q&A for investors and
analysts at 10:00am today. The presentation relating to this call is now
available on the Company's website at
www.hostmoregroup.com/results-reports-presentations.

 

The attendee links and conference call details for the presentation are
detailed below:

 

Webinar Registration link: https://bit.ly/MORE_FY22_webinar
(https://eur02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fbit.ly%2FMORE_FY22_webinar&data=05%7C01%7CJames.Brown%40tgifridays.co.uk%7C0d314820a69649b04fbf08db480e67d8%7C86ae7907026b4c0ea860bb91e4fc901d%7C0%7C0%7C638182998942479945%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=dnsK3TZ%2BI6rYcbYeZTiDux%2B0XM3e6%2FlIUU6xN0ThykI%3D&reserved=0)

 

Webinar ID: 827 8445 9359

 

Conference Call: 0203-7696819

Conference Code: 592967

 

A recording of the presentation will be made available on the Company's
website at www.hostmoregroup.com/results-reports-presentations in due course.

 

ENDS

Enquiries

Hostmore plc

Alan Clark, Chief Financial Officer

Email: enquiries@hostmoregroup.com (mailto:enquiries@hostmoregroup.com)

 

Dentons Global Advisors

Jonathon Brill / James Styles     Tel: +44 (0)20 7664 5095

Email: Hostmore@dentonsglobaladvisors.com
(mailto:Hostmore@dentonsglobaladvisors.com)

 

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